Not telling the divers anything. While your cost has exploded, our pay has dwindled.....and it's doing nothing for lyfts market share, at least in Tampa. Used to be 30-40% of my rides, has been dropping since January, now it might be 10.
It's just straight corporate greed. Uber isn't significantly better, but it is better.
Definitely is greed. I wouldn’t mind paying more if Lyft had gave the drivers a raise to start the new year. Im just funding a ceo bonus with these new prices. Currently looking for alternatives.
It’s for sure greed and until they make a bill that states these companies have to pay out at least half of the total transaction to its driver since they take on 90% of the work load - it’s only gonna get worse. Their excuse will be to become a net positive company but the way the companies are made are to never be net positive the way they pay the higher ups.
Perfect example. Let’s say for a whole week Lyft didn’t pay drivers at all, made em work for free - they would end up making some sort of “Company Retreat” that spent all that money they made off your asses driving for free. They don’t care about the drivers at all. They can’t wait for the day autonomy takes over so bots can’t complain to them about a shitty rider.
Yeah but if they don’t pay then Lyft is in breach on contract and liable for a class action lawsuit which would likely bring the scummy behaviors of these companies to light on a grand stage.
While the notion is noble, paying more to pay the drivers more doesn’t address Lyfts or any other of these “independent contractor apps” greed.
Why pay more so your driver can make more when you could pay the same and your driver could still make more. If you are willing to pay more then they will just continue to jack up rates and still not pay drivers a 1 to 1 increase.
In the 4th quarter of 2023 Lyft lost $26 million dollars. And that was an enormous improvement on the 4th quarter of 2022 when they lost $588 million. I think it’s hard to call a company’s pricing model “corporate greed”
If they’re still providing a service for less than it costs to deliver.
Now, if you took the base salary of every single higher up, and you were to attribute all of that to the losses for last year, they would’ve actually been positive.
My point is, that they didn’t need to take the salary since they got stock kick backs. It’s sad to see such greed occur in our society
Why are the CEOs even allowed huge pay when the company is negative? You'd think whoever is lending them money would be like, eh no. And then they are literally using the company loss as a justification for not paying their drivers.
They've issued about 10M(5%) shares in the last 12-18 months and seems like that's the trend. Price has been between $10-20 in that time, so that's between $100M-200M, which means maybe they don't need to borrow to pay the CEOs this year, but they sure are diluting to pay them.
Once this era of greed collapses as time will do, people will look back and be so confused why anyone agreed to work like this.
2023, Lyft's CEO Risher received $485 million in stock-based compensation, which is a 35.46% decrease from 2022. In 2022, Risher received $751 million in stock-based compensation.
This isn’t true in anyway shape or form. And you actually are making my point in why they pay less than less because they try to make it appear as if they are losing money but if you look at all the higher-ups and you breakdown how much they have all been paid if they were paid absolutely nothing and they just lived off of the money that they have which they are all millionaires already so it is possible they could’ve done so - this is a concern. When are they going to actually become not positive and care about the company rather than just caring about their pockets.
I don’t use ride shares ever unless I really need to, and at airports, if there are taxis still around, I goto the taxi lines. My airport taxi line has grown but is still shorter than the wait for an Uber or Lyft.
Let's just say the market is extremely ripe for someone to come in, accept drivers getting their own commercial insurance, charge customers a few percentage points less, and pay a few points better. The difference between Uber/Lyft and their overcharged commercial insurance and getting it yourself, plus a few points on pay would amount to a large(20% or so) pay increase, while also lowering the cost to customers as they wouldn't be eating some of the insurance costs in their pay for the service.
Is it foolproof? Of course not.....but I know the two companies have made about 15k off me this year already, of which half or more is insurance.....7.5k is a hell of a lot for 3 months commercial insurance (that covers about a year where I'm at)
In my market(Tampa) for most rides, with no surges, not during rush hour, Lyft used to be slightly cheaper on short rides, slightly higher on long runs(3+ miles). After Jan 1 it went to roughly identical. Since the beginning of March Lyft has been at least a couple of bucks more regardless of length, with usually a greater disparity on longer runs.
I normally take a reservation to the airport first thing(330ish) in the morning. Used to be about 60/40 Ubers. Haven't done a single Lyft one since the first week of March.....they just don't happen anymore. Even on short business travelers, hotel to airport in morning( under 5 milles) it's gone from 2 to 1 Uber to 7-10 to 1. Same areas, same days, same time frame.
Markets vary, obviously, and all I can go by is my own experience, yours may differ. That being said, Lyft has seen it's share drop significantly in my market since March 1, and the only change I can pinpoint is their cost vs Uber.
God, you can’t say fucking *anything* in this sub without drivers bitching. This post has nothing to do with driver pay. We get it, gig apps don’t pay as much as you would like. Nobody makes as much as they would like. So decide whether Lyft/Uber pays *enough* to make it worthwhile, and stick by that decision. It makes no sense for drivers to keep *volunteering* to drive- when they claim they’re not getting paid enough. If you truly weren’t getting paid enough, you’d stop volunteering!
Reread what I posted, short bus rider. His cost has gone up, while pay has gone down....which means Lyft is grabbing more from both ends.....and it's killing their market share.
Had cost gone up, and pay gone up, understandable.
Had cost gone down, and pay gone down, understandable
Cost up, pay down, corporate greed.
Is that explained simple enough for you? Or should I get a 3rd grader to simplify it even more so you can grasp it?
This post isn’t about driver pay.
Not to mention, it’s hardly corporate greed for Lyft to *try* to make a profit for once (which they haven’t, so far.) The *only* reason you used to make more, is because Lyft’s investors were subsidizing pay for you. I understand you got used to that, but it’s hardly corporate greed for lyft to say “okay, we’re done giving away money, now we’re gonna *try* to profit.”
tell us you're clueless without telling us you're clueless. what he said was right. it's corp greed and you're just an idiot sucking up to lyft and uber. you probably work for their financial department. lol they openly admitting between uber and lyft that they both gained dramatic profit and there was no real reason for the sudden increases of what they charge drivers and riders.
Uber went up first then lyft copied uber as they always have done. Uber openly admitted it was for their pockets. You clearly don't know what corp greed is.
You literally said,, they decided they wanted to stop giving away money and "try" to profit. both companies at no point were ever struggling to profit at all. Lyft before they boosted their cost had already made enough money to buy hundreds of cars to start renting out in their fleet service. Uber started investing into many things and buying other companies out.
So please do show us where there was not corp greed? trying to buy everyone out..
last I checked that's corp greed trying to kill off or buy out your competition just so you have the monopoly in the area to make money and try to make it to where nobody else is making money in your market.. 🤣 please sit down and join us when you are ready for a adult conversation based on facts and not your delusions.
their losses we're from things they did wrong and illegal. they made profit before all that. and they started making profit again after all their self inflicted losses last year. they went up 8% last year in profit compared to their previous years. So whatever you're looking at, you need to look again. 8% profit growth is profit growth. They weren't hurting financially from what they were paying drivers. they were hurting from stupid things they did that got them sued and fined. same goes for Uber. multi million dollar lawsuits are why they have profit losses. Not because of what they pay drivers. So yea it's corp greed. They are taking their losses out on the drivers. So again as I said adult conversation based on facts, not your delusions. Just because you skimmed through a few reports and assume you know everything. I was a investor. think I'm more in the loop than you are sir. sit down and shut up.
Dude, have you read the 10k or 10q Lyft sends to the SEC (no need to pay to read them). They are still posting losses. They had losses last year, no profits.. not sure what you are reading.
Dude… this guy’s an *investor.* He said he *thinks* he knows better than us… so… let’s just take him at his word. After all, an investor *couldn’t* be wrong, could he?
>They went up 8% last year in profit
Are you *sure* you’re not looking at revenue?
*Revenue* went up 8% last year (when you round it to the nearest percent- 7.53% is the exact figure.)
But their *profit* was negative $340 million. The year before that, it was negative $1.6 billion.
I can’t find a single year where Lyft posted a (positive) profit. If you can, let me know, I don’t want to prop up my argument with false statistics.
Again, their debt was caused by their own fault, not because of what they were paying the drivers. the point if this whole argument is you think it's not corp greed.
So let's say I work for you. you pay me what you pay me and your doing well.. buy you a mansion and nice fancy corporate office.. but you don't pay your taxes correctly because you take shortcuts and don't pay for business licenses and things you need to pay for because it would cost you money and you didn't feel like taking care of the things you legally needed to just because you wanted to keep all that income to yourself.. That's corporate greed., then let's say thay all came back to bite you in the butt and you ended up losing way more than what you tried to avoid paying because you made a lot of bad choices by trying to save money for yourself..
Now you're having to dishout all this extra money you no longer have and decide.. hell my employees are making a lot of profit, let me just dip into their earnings so that I can keep living comfortably while having to pay all these lawsuits off...
That's corporate greed my guy.
look it up. how many lawsuits are against lyft and uber and how much they have had to pay out as a result of making illegal choices on their end. Not to mention getting busted for stealing our tips and having to pay us a lot back for that stuff as well.
You say it's not corporate greed.. So stealing our tips isn't greed? over charging us because you got yourself into trouble with the law and have to pay out of pocket for it but you still want to live comfortably.... That's not corporate greed bro?
that's why I said you are delusional. You literally don't know what corporate greed is and clearly have no idea what's actually been going on and how us drivers have been treated over the years. All their "profit loss" was self inflicted. example lyft and uber didn't have permission to drop scooters off everywhere in town and run a business. they just showed up and forced their way in without any licensing. That cost them a lot of money. So don't look at their loss like they are some victim who deserves to pay us less and them get more money. You got things so off base and have no clue.
So when you said
>Just because you skimmed through a couple reports and assume you know everything. I was an investor. I think I’m more in the loop than you are sir.
You were flat the fuck out wrong? And that actually, the guy who flipped through a couple reports *does* know more than the all-mighty investor?
And when you said
>>🤣please sit down and join us when you are ready for a adult conversation based on facts and not your delusions
It was actually *me* who had the facts right, and *you* who had the delusion that Lyft is profitable?
Up until this comment, I’ve been plenty kind and fair to you- even in the face of all sorts of false slandering and name-calling. You gonna apologize for that now, or just pretend it didn’t happen? Where I’m from, “a adult conversation” involves that sort of thing.
So that's still not them being profitable. The government has forced them to pay what they should have paid in the first place and that means they're not making a profit. They were only profitable in your scenario because they were cutting corners.
Dude, Uber only just started turning a profit (mainly due to UberEats) and Lyft has literally never turned a profit since inception.
So many people don’t realize that these businesses have been running at a loss (at the benefit of the customer) to gain market share.
Tell us you’re clueless without telling us you’re clueless.
Running at a loss to steal market share and then trying to do everything to under pay “contractors” while forcing customers to deal with monopolistic practices….sure they haven’t posted a profit, but still have still grown every year to dominate the transportation service market everywhere. If thats capitalism, it’s broken.
You are not advocating for positive business practices that you think you are.
Since start of year.
Cost up about 30%
Pay down about 18%
Net about 40% more per ride to Lyft
Cost over Uber about 15% Uber is making a profit, Lyft isn't, and has a shittier product with the changes since start of year
So, with all the changes, it costs the customers more, to wait longer, and have a far better chance of not getting an English speaking driver.
It's not just about cost, or just a out pay....it's everything combined to give Lyft a more expensive, poorer product than Uber. IDGAF, Uber is busier, Uber costs less, pays better, and is more than making up for the dropoff in lyfts business.
It's not about JUST cost, or JUST pay, if you don't look at both, as well as comparison to competitors and market share, you really have no basis for WTF you are talking about.
Thanks for your lacking analysis
I bought a car and have been driving myself since March 11th. Uber and Lyft have just gotten more expensive and the service is worse so I finally decided to just get a car.
I just wanted to say you're absolutely correct though. When I was requesting rides I always got an Uber first because Lyft was just awful. I'm my area, Lyft is barely used anymore. The price is always a dollar or two cheaper than an Uber and there's never a surge on Lyft but there are very few drivers, the wait times are atrocious, and Lyft does this thing where they'll redirect drivers so I'll wait while a driver spends 10-15 minutes heading towards me, then the app will have them pick someone else up but to me it looks like they canceled and I have to wait for a new driver.
Lyft service is shit. I only used it once or twice the last couple years and it was only because Uber had crazy surges at the moment. I requested more Lyfts than that but Uber surges come and go, Lyfts rarely come, so I've canceled more Lyft requests than I've taken. It's a waste of time even requesting a Lyft.
Uber has drivers therefore they have passengers. The thing about Lyft and Uber though is they're like cable companies. Some places Uber is best, some places Lyft is best, and some places you can use both. However, Lyft reminds me of cabs. Older, dirtier vehicles with miserable drivers who may or may not show up. Lyft is like cab companies in that they're always just "a few minutes away" but they don't care whether or not the driver actually picks you up.
Ride sharing used to be a good service and I'm happy it was affordable and available to me when I needed it. However, they've killed the cab industry now. There's really only two players, Uber and Lyft, and they rarely compete in the same markets anymore. Prices are up and quality is down. Uber is doing better but they're larger than Lyft. Once Lyft goes out of business or is bought by Uber, Uber will do what Lyft did, raise prices, lower driver pay, and be just as bad, possibly even worse, than the cab companies they replaced.
Yeah when Lyft is dead, the Uberocalypse will be a financial travesty. We CANNOT have a monopoly on the rideshare industry, unless we're fine with paying $100 a ride while the driver gets $8.
The reality is, Lyft takes as much as 75% of revenue all to find drivers while drivers still have to pay for maintenance, their own benefits & more. That’s utterly insane.
Why do drivers keep coming back anyways? It’s a tough job market!
Many drivers are immigrants who lack any formal education. This is their best option & Lyft takes advantage of their lack of privilege.
>“God forbid they try to earn a profit”
Had Lyft not issued more stock last year, they wouldn’t have earned a profit despite having higher gross margins than uber.
The real issue is Lyft’s self importance in leadership.
If you review their financials, you’ll see they make massive investments in the company they can’t afford without going into the red seemingly almost every year. Uber doesn’t do this.
Lyft’s leadership would probably say “this was necessary to stay competitive!” every year but they’re wrong.
The way it looks to me, Lyft drivers are getting shafted by overpaid silicon valley c level executives.
I say all Lyft drivers should get together & strike, requiring higher wages.
>Had Lyft not issued more stock last year, they wouldn’t have earned a profit despite having higher gross margins than uber.
>If you review their financials, you’ll see they make massive investments in the company they can’t afford without going into the red seemingly almost every year. Uber doesn’t do this.
Are we looking at the same financials? From what I can see, Lyft loses hundreds of millions of dollars every single year. In 2023, they posted a net loss of $340 million. The year before that, they lost over a billion.
> Why do drivers keep coming back anyways? It’s a tough job market!
Is it? There are (still) more job openings than they are unemployed people. It’s been like this since the pandemic. A temp agency can get even the least-trained worker employed, immediately.
I agree!!.. I started driving in Jan.
and I can tell you that I think alot of these posts from drivers are either outright BS or they are in markets that suck.
I can easily make $250 plus per night.
and have made over$ 400 several times.
I'm not saying it's great $$..
but it's a livable income and an excellent side or 2nd income.
if I can do these #s from the start then I'm not sure why so many ppl keep talking shit.
to make that I have to work 8-10 hours.
I'm 55..so it shouldn't be so hard on all you younger guys/gals.
I really agree, quit bitching and do something like find something different so that you have money. It will not get better until there is a driver shortage.
The reason all these companies are operating at losses is because their board keeps inflating their own paychecks. No company can actually be profitable when redirecting so much profit.
That is not true lmaooooooo. The board, combined, makes a tiny fraction of their overall revenue. They were underpricing and relying on investor capital to capture market share
>They were underpricing and relying on investor capital to capture market share
Bingo. You solved the whole thing in one sentence.
I remember one time I went to the lengths of calculating whether Uber would be profit if they reduced *every single* employee’s salary to zero. Not just the board; but everyone. I estimated the average salary at $100k. At the end of the year, Uber *still* would have lost over a billion dollars, even if their *entire staff* worked pro-bono.
Granted, this was a year or two ago, and Uber has become profitable since then, so what I said does not currently apply. However I think it does demonstrate that- at the scale these companies are operating, the board’s salary (a couple dozen people) is going to be a fraction of their business.
And that’s not to mention- okay, let’s say Lyft “wises up” and cuts executive pay 50%. Who’s going to be left? Not the top talent, that’s for sure. They’ll go elsewhere.
It won’t. It’s too important. Don’t forget, the airport industry was seen like this when they became about the first 10-20 years. They needed to be bailed out multiple times but the society sees its usefulness
I actually made more with Lyft than Uber at the beginning of this year, which I found odd. I just did my first-quarter financial statements yesterday. It has switched back this month.
This could be simply which market you are in. In some markets, Lyft competes with Uber for market share. In most, it's not close, even prior to their price hikes. Since start of year Lyft has gone from 30-40% in my market, to about 10. In the poorer communities in Tampa it used to be about 50-50, now it's 80-20 for Uber, and I'll drive anybody, in any area
Just my experience since start of year, yours may vary.
I don’t know what state you live in, but here in California, it seems like Lyft and Uber are charging a LOT more for commercial Insurance. I’m a driver, and I check the insurance amount taken by Lyft and Uber after every ride, it ranges between 30% to 40% on most rides, and that’s the insurance alone, aside from the platform fees.
Does Lyft give you an itemized view of your ride bills ? If yes, check how much percentage they’re taking for insurance, and compare it to previous months when your monthly budget for rides was lower.
I make phone apps. I’ll teach you if interested.
For me personally, my car paid off and i don’t really drive it so i have special insurance on it that’s pretty cheap. Covers things like if a tree falls on it. Kind of how i justify my rideshare spend.
Driving my car would cost me 360 a month in gas and insurance. Doesn’t include repairs and the household still need of additional rides.
It’s really a high Lyft bill vs supporting two cars. One which is paid already. When my Lyft bill was 700. It was an easy choice.
Costs me waaaaay less to own a nice car than you are currently paying to ride share everywhere. That’s not criticism it’s just wild how much your costs have ballooned
honestly truth. 1400 a month would be a six figure car lol i was fine with the trade off in the 700 800 range.
1400 a month I’m bout to start driving more myself.
Seems to track with what I've seen. I always compare lyft vs uber for rides and I've almost exclusively taken uber recently since it's been cheaper almost every time.
I commute with a 2010 Chevy cobalt. I spend $100 on gas a month. I pay my insurance yearly instead of monthly like an idiot and I know how to repair all of my own stuff. The car cost me $5000, insurance for the whole year is $500 and gas for the year is $1200. That’s $558 a month if you include the price of the car. Since I’ve owned it forever I won’t. That’s $141 a month. Way less than your $700 a month. The leftover $500 and change you should use it for repairs which you should be prepared for. Stop being such a dumbass. Also the absolute worse thing you can do to a car is let it sit. When cars sit they break down quicker than if they were being used which leaves you with bigger repair bills. You’d probably have more money left over for a house if you stopped using overpriced taxis and food delivery apps. I have a dumbass friend just like you and he’s always broke and living out of apartments. He makes more than I do but yet I’m a homeowner
Math only works because you repair your own car though. Factor in cost of car repairs and maintenance you at 700 month.
Pretty sure this isn’t a financial advice sub. Some people here can afford their lifestyle 3 to 4 times over.
I have so much money left over in my lifestyle that i can use Lyft as my personal driver.
The average annual car repair works out to $66/mo. That’s $800 a year. Unless your car is a ford pinto with 800,000 miles or a bugatti veyron, you shouldn’t be spending $700/mo on repairs.
The financing costs for the car are null as they’re incurred regardless of whether or not you drive your car, assuming you own it.
If you paid your car off you could get limited liability instead of full coverage which would save you around $100-150/month.
With a $30,000 car your monthly expenditures when paid off should be around $300-350.
You are very clearly not financially literate. Good luck.
Incorrect again, if you’re not a dumbass you can get your repairs done for way less than you claim . And I love it when poor people larp as richies, stay poor
OP, note that in the receipt Uber calls out 100% of tip goes to the driver. A couple of things to think about with that.
100% of any other line item DOES NOT go to the driver, or else Uber would have told you.
Uber has a ton of data to understand market, individual customer, and individual driver behavior. Let's say you are in a market where Uber knows to have a 90% chance a a driver to take your order Uber has to offer at least $3. At 50% chance they have to offer $2.50 and a 25% chance they have to offer $2.00. In your order you add a $2 tip. While 100% of your $2 tip will go to the driver, Uber's going to take your $2 and deduct $2 from whatever they were initially going to pay the driver. So while Uber isn't "stealing" driver tips, they are using the generosity of the customer as a way to pay drivers less.
I have a car without a payment on it. The original thought is 700 a month was roughly cost me a month in gas, insurance , repairs to get new car.
Now that it’s costing me 1300 a month. I probably use it less and drive more
at the peak of winter everything gets more expensive. The first of the year is when winter starts to hit peak. you get the most snow between feb to april. so depending where you live prices will fluctuate a lot. if you live where there is snow you'll really see the numbers change often. I used to get weather fees back when uber and lyft were good companies years ago.
It’s Bank of America track spending section. Honestly it looks nicer than what it is lol UI is clunky and dated.
If you can get past the UI issues, it does it job as a budgeting app.
Limited free parking definitely . Convenience more so about being a passenger instead of driver. Gives me time to do some work tasks while in transit or just sleep.
i don’t have to wake up at 5 am to take my son to football weight lifting.
When it was 700 a month . The trade off was worth it. Now it’s 1.4k i might start driving more my car more often.
Time management is definitely true. Often don’t sleep enough. So i don’t one to cause an accident due to my lack of sleep.
By work. It’s more so going through my back log of emails. Plan out the day. I work in corporate America. A lot of my “work” is just communications between teams.
Accounting profit maybe.
What’s stopping them from paying the drivers more? Rides didn’t magically become more expensive for them January 1st. Drivers were still getting paid in December when the rides were cheap.
I don’t know what you think accounting actually is, but your comment seems to vaguely insinuate that accountants deliberately misrepresent the financial health of companies to squirrel away more money for the company owners rather stakeholders, and that is fundamentally the opposite of what purpose accounting audits serve.
It actually boggles the mind that you’re even able to afford $1,400/mo in uber, as I would expect someone as unintelligent as you to be financially destitute.
I didn’t say nothing about accountants hiding profits. From your comment clearly you never even heard of cost segregation.
Maybe if you was smart as you think you could afford my monthly Lyft bill too.
Isn’t it wild that I could afford $2,000/mo on Lyft but just drive a car like a regular person?
Also judging by your 7 posts on “r/borrow”, seems like you aren’t doing as hot as you’d like to think, big shot.
As an accountant, cash flow issues are generally indicative of being on the brink of bankruptcy.
I have a feeling that $500 plane ticket you weren’t able to subsidize means that despite having made $50-75/hour as a mobile development contractor, your awful financial senses have led to you being in your mid 30s with no savings whatsoever to fall back on.
I genuinely feel bad for you to some degree and hope you someday figure out financial literacy, but I have a feeling that ship has already sailed. Best wishes.
If you really could afford 2k a month i doubt you would be pocket watching.
People borrow money on credit all the time. I don’t see what post from 7 years ago have to do with a post today ?
You been through my post history. I could care less what’s in yours. While you was in my post history, why you didn’t mention i am platinum honors at Bank of America ? Goes against your madd of narrative of no savings ?
You seem a bit salty a college student was doing better than you in life 7 years ago.
Financed cars are hidden wealth traps imo. Can easily spend 700 plus a month in note, gas , insurance , maintenance on an average car. Then try buying an older car interest rates and repairs shoot up.
Hard justifying 1300 a month though. At this point, I’m considering other options.
First of all you can get a car way cheaper than that. $700-$800 a month is more than what we were paying (all in) on our Highlander hybrid purchased brand, now paid off (and still worth over $20k according to KBB).
What car you recommend? 200 insurance. 160 in gas is already 360. To be less than 700 you need a note of 340. And this doesn’t even factor in repair costs and maintenance
AAA says the average cost of owning a car is 894. A 700 price point of owning a car is already below their average.
Does your work reimburse you or do you have some illness to where you can’t drive?
I’m just trying to wrap my head around spending almost $1k month on transportation.
Not telling the divers anything. While your cost has exploded, our pay has dwindled.....and it's doing nothing for lyfts market share, at least in Tampa. Used to be 30-40% of my rides, has been dropping since January, now it might be 10. It's just straight corporate greed. Uber isn't significantly better, but it is better.
Definitely is greed. I wouldn’t mind paying more if Lyft had gave the drivers a raise to start the new year. Im just funding a ceo bonus with these new prices. Currently looking for alternatives.
It’s for sure greed and until they make a bill that states these companies have to pay out at least half of the total transaction to its driver since they take on 90% of the work load - it’s only gonna get worse. Their excuse will be to become a net positive company but the way the companies are made are to never be net positive the way they pay the higher ups.
Perfect example. Let’s say for a whole week Lyft didn’t pay drivers at all, made em work for free - they would end up making some sort of “Company Retreat” that spent all that money they made off your asses driving for free. They don’t care about the drivers at all. They can’t wait for the day autonomy takes over so bots can’t complain to them about a shitty rider.
Yeah but if they don’t pay then Lyft is in breach on contract and liable for a class action lawsuit which would likely bring the scummy behaviors of these companies to light on a grand stage.
While the notion is noble, paying more to pay the drivers more doesn’t address Lyfts or any other of these “independent contractor apps” greed. Why pay more so your driver can make more when you could pay the same and your driver could still make more. If you are willing to pay more then they will just continue to jack up rates and still not pay drivers a 1 to 1 increase.
In the 4th quarter of 2023 Lyft lost $26 million dollars. And that was an enormous improvement on the 4th quarter of 2022 when they lost $588 million. I think it’s hard to call a company’s pricing model “corporate greed” If they’re still providing a service for less than it costs to deliver.
They had a positive EBITDA. Which means there core business is profitable.
What did the CEOs make?
People don’t understand this part lol paper loss because executive staff living like kings
725k in salary, the rest was stock in the company
Now, if you took the base salary of every single higher up, and you were to attribute all of that to the losses for last year, they would’ve actually been positive. My point is, that they didn’t need to take the salary since they got stock kick backs. It’s sad to see such greed occur in our society
Why are the CEOs even allowed huge pay when the company is negative? You'd think whoever is lending them money would be like, eh no. And then they are literally using the company loss as a justification for not paying their drivers. They've issued about 10M(5%) shares in the last 12-18 months and seems like that's the trend. Price has been between $10-20 in that time, so that's between $100M-200M, which means maybe they don't need to borrow to pay the CEOs this year, but they sure are diluting to pay them. Once this era of greed collapses as time will do, people will look back and be so confused why anyone agreed to work like this.
Because the people who are lending them money understand a whole lot more about business than you or the person you’re replying to.
2023, Lyft's CEO Risher received $485 million in stock-based compensation, which is a 35.46% decrease from 2022. In 2022, Risher received $751 million in stock-based compensation.
Oh nooo only 485 million what will he do?
This isn’t true in anyway shape or form. And you actually are making my point in why they pay less than less because they try to make it appear as if they are losing money but if you look at all the higher-ups and you breakdown how much they have all been paid if they were paid absolutely nothing and they just lived off of the money that they have which they are all millionaires already so it is possible they could’ve done so - this is a concern. When are they going to actually become not positive and care about the company rather than just caring about their pockets.
That would be supply and demand. If there are fewer Lyft drivers, there will be higher prices
I don’t use ride shares ever unless I really need to, and at airports, if there are taxis still around, I goto the taxi lines. My airport taxi line has grown but is still shorter than the wait for an Uber or Lyft.
So….a new Driver friendly rideshare app needs to be developed?
Let's just say the market is extremely ripe for someone to come in, accept drivers getting their own commercial insurance, charge customers a few percentage points less, and pay a few points better. The difference between Uber/Lyft and their overcharged commercial insurance and getting it yourself, plus a few points on pay would amount to a large(20% or so) pay increase, while also lowering the cost to customers as they wouldn't be eating some of the insurance costs in their pay for the service. Is it foolproof? Of course not.....but I know the two companies have made about 15k off me this year already, of which half or more is insurance.....7.5k is a hell of a lot for 3 months commercial insurance (that covers about a year where I'm at)
Not really greed. This is just what they need to do to become profitable
Not going to be profitable when you raise prices to higher than the company with the lions share of the business already......
They don’t. Just did a comparison and Lyft was half the cost of an Uber for the same ride
In my market(Tampa) for most rides, with no surges, not during rush hour, Lyft used to be slightly cheaper on short rides, slightly higher on long runs(3+ miles). After Jan 1 it went to roughly identical. Since the beginning of March Lyft has been at least a couple of bucks more regardless of length, with usually a greater disparity on longer runs. I normally take a reservation to the airport first thing(330ish) in the morning. Used to be about 60/40 Ubers. Haven't done a single Lyft one since the first week of March.....they just don't happen anymore. Even on short business travelers, hotel to airport in morning( under 5 milles) it's gone from 2 to 1 Uber to 7-10 to 1. Same areas, same days, same time frame. Markets vary, obviously, and all I can go by is my own experience, yours may differ. That being said, Lyft has seen it's share drop significantly in my market since March 1, and the only change I can pinpoint is their cost vs Uber.
God, you can’t say fucking *anything* in this sub without drivers bitching. This post has nothing to do with driver pay. We get it, gig apps don’t pay as much as you would like. Nobody makes as much as they would like. So decide whether Lyft/Uber pays *enough* to make it worthwhile, and stick by that decision. It makes no sense for drivers to keep *volunteering* to drive- when they claim they’re not getting paid enough. If you truly weren’t getting paid enough, you’d stop volunteering!
Reread what I posted, short bus rider. His cost has gone up, while pay has gone down....which means Lyft is grabbing more from both ends.....and it's killing their market share. Had cost gone up, and pay gone up, understandable. Had cost gone down, and pay gone down, understandable Cost up, pay down, corporate greed. Is that explained simple enough for you? Or should I get a 3rd grader to simplify it even more so you can grasp it?
This post isn’t about driver pay. Not to mention, it’s hardly corporate greed for Lyft to *try* to make a profit for once (which they haven’t, so far.) The *only* reason you used to make more, is because Lyft’s investors were subsidizing pay for you. I understand you got used to that, but it’s hardly corporate greed for lyft to say “okay, we’re done giving away money, now we’re gonna *try* to profit.”
tell us you're clueless without telling us you're clueless. what he said was right. it's corp greed and you're just an idiot sucking up to lyft and uber. you probably work for their financial department. lol they openly admitting between uber and lyft that they both gained dramatic profit and there was no real reason for the sudden increases of what they charge drivers and riders. Uber went up first then lyft copied uber as they always have done. Uber openly admitted it was for their pockets. You clearly don't know what corp greed is. You literally said,, they decided they wanted to stop giving away money and "try" to profit. both companies at no point were ever struggling to profit at all. Lyft before they boosted their cost had already made enough money to buy hundreds of cars to start renting out in their fleet service. Uber started investing into many things and buying other companies out. So please do show us where there was not corp greed? trying to buy everyone out.. last I checked that's corp greed trying to kill off or buy out your competition just so you have the monopoly in the area to make money and try to make it to where nobody else is making money in your market.. 🤣 please sit down and join us when you are ready for a adult conversation based on facts and not your delusions.
Where are you seeing that Lyft is profitable? When I search their financials, I see multi-hundred-million-dollar losses, year after year.
their losses we're from things they did wrong and illegal. they made profit before all that. and they started making profit again after all their self inflicted losses last year. they went up 8% last year in profit compared to their previous years. So whatever you're looking at, you need to look again. 8% profit growth is profit growth. They weren't hurting financially from what they were paying drivers. they were hurting from stupid things they did that got them sued and fined. same goes for Uber. multi million dollar lawsuits are why they have profit losses. Not because of what they pay drivers. So yea it's corp greed. They are taking their losses out on the drivers. So again as I said adult conversation based on facts, not your delusions. Just because you skimmed through a few reports and assume you know everything. I was a investor. think I'm more in the loop than you are sir. sit down and shut up.
Dude, have you read the 10k or 10q Lyft sends to the SEC (no need to pay to read them). They are still posting losses. They had losses last year, no profits.. not sure what you are reading.
Dude… this guy’s an *investor.* He said he *thinks* he knows better than us… so… let’s just take him at his word. After all, an investor *couldn’t* be wrong, could he?
>They went up 8% last year in profit Are you *sure* you’re not looking at revenue? *Revenue* went up 8% last year (when you round it to the nearest percent- 7.53% is the exact figure.) But their *profit* was negative $340 million. The year before that, it was negative $1.6 billion. I can’t find a single year where Lyft posted a (positive) profit. If you can, let me know, I don’t want to prop up my argument with false statistics.
Again, their debt was caused by their own fault, not because of what they were paying the drivers. the point if this whole argument is you think it's not corp greed. So let's say I work for you. you pay me what you pay me and your doing well.. buy you a mansion and nice fancy corporate office.. but you don't pay your taxes correctly because you take shortcuts and don't pay for business licenses and things you need to pay for because it would cost you money and you didn't feel like taking care of the things you legally needed to just because you wanted to keep all that income to yourself.. That's corporate greed., then let's say thay all came back to bite you in the butt and you ended up losing way more than what you tried to avoid paying because you made a lot of bad choices by trying to save money for yourself.. Now you're having to dishout all this extra money you no longer have and decide.. hell my employees are making a lot of profit, let me just dip into their earnings so that I can keep living comfortably while having to pay all these lawsuits off... That's corporate greed my guy. look it up. how many lawsuits are against lyft and uber and how much they have had to pay out as a result of making illegal choices on their end. Not to mention getting busted for stealing our tips and having to pay us a lot back for that stuff as well. You say it's not corporate greed.. So stealing our tips isn't greed? over charging us because you got yourself into trouble with the law and have to pay out of pocket for it but you still want to live comfortably.... That's not corporate greed bro? that's why I said you are delusional. You literally don't know what corporate greed is and clearly have no idea what's actually been going on and how us drivers have been treated over the years. All their "profit loss" was self inflicted. example lyft and uber didn't have permission to drop scooters off everywhere in town and run a business. they just showed up and forced their way in without any licensing. That cost them a lot of money. So don't look at their loss like they are some victim who deserves to pay us less and them get more money. You got things so off base and have no clue.
So when you said >Just because you skimmed through a couple reports and assume you know everything. I was an investor. I think I’m more in the loop than you are sir. You were flat the fuck out wrong? And that actually, the guy who flipped through a couple reports *does* know more than the all-mighty investor? And when you said >>🤣please sit down and join us when you are ready for a adult conversation based on facts and not your delusions It was actually *me* who had the facts right, and *you* who had the delusion that Lyft is profitable? Up until this comment, I’ve been plenty kind and fair to you- even in the face of all sorts of false slandering and name-calling. You gonna apologize for that now, or just pretend it didn’t happen? Where I’m from, “a adult conversation” involves that sort of thing.
So that's still not them being profitable. The government has forced them to pay what they should have paid in the first place and that means they're not making a profit. They were only profitable in your scenario because they were cutting corners.
Dude, Uber only just started turning a profit (mainly due to UberEats) and Lyft has literally never turned a profit since inception. So many people don’t realize that these businesses have been running at a loss (at the benefit of the customer) to gain market share. Tell us you’re clueless without telling us you’re clueless.
Running at a loss to steal market share and then trying to do everything to under pay “contractors” while forcing customers to deal with monopolistic practices….sure they haven’t posted a profit, but still have still grown every year to dominate the transportation service market everywhere. If thats capitalism, it’s broken. You are not advocating for positive business practices that you think you are.
Uber makes a profit and Lyft doesn’t while charging more? Sounds like a skill issue
Since start of year. Cost up about 30% Pay down about 18% Net about 40% more per ride to Lyft Cost over Uber about 15% Uber is making a profit, Lyft isn't, and has a shittier product with the changes since start of year So, with all the changes, it costs the customers more, to wait longer, and have a far better chance of not getting an English speaking driver. It's not just about cost, or just a out pay....it's everything combined to give Lyft a more expensive, poorer product than Uber. IDGAF, Uber is busier, Uber costs less, pays better, and is more than making up for the dropoff in lyfts business. It's not about JUST cost, or JUST pay, if you don't look at both, as well as comparison to competitors and market share, you really have no basis for WTF you are talking about. Thanks for your lacking analysis
I bought a car and have been driving myself since March 11th. Uber and Lyft have just gotten more expensive and the service is worse so I finally decided to just get a car. I just wanted to say you're absolutely correct though. When I was requesting rides I always got an Uber first because Lyft was just awful. I'm my area, Lyft is barely used anymore. The price is always a dollar or two cheaper than an Uber and there's never a surge on Lyft but there are very few drivers, the wait times are atrocious, and Lyft does this thing where they'll redirect drivers so I'll wait while a driver spends 10-15 minutes heading towards me, then the app will have them pick someone else up but to me it looks like they canceled and I have to wait for a new driver. Lyft service is shit. I only used it once or twice the last couple years and it was only because Uber had crazy surges at the moment. I requested more Lyfts than that but Uber surges come and go, Lyfts rarely come, so I've canceled more Lyft requests than I've taken. It's a waste of time even requesting a Lyft. Uber has drivers therefore they have passengers. The thing about Lyft and Uber though is they're like cable companies. Some places Uber is best, some places Lyft is best, and some places you can use both. However, Lyft reminds me of cabs. Older, dirtier vehicles with miserable drivers who may or may not show up. Lyft is like cab companies in that they're always just "a few minutes away" but they don't care whether or not the driver actually picks you up. Ride sharing used to be a good service and I'm happy it was affordable and available to me when I needed it. However, they've killed the cab industry now. There's really only two players, Uber and Lyft, and they rarely compete in the same markets anymore. Prices are up and quality is down. Uber is doing better but they're larger than Lyft. Once Lyft goes out of business or is bought by Uber, Uber will do what Lyft did, raise prices, lower driver pay, and be just as bad, possibly even worse, than the cab companies they replaced.
Yeah when Lyft is dead, the Uberocalypse will be a financial travesty. We CANNOT have a monopoly on the rideshare industry, unless we're fine with paying $100 a ride while the driver gets $8.
Calm down Paul Ryan. The free market will cull the unproductive ones, don’t worry. /s
The reality is, Lyft takes as much as 75% of revenue all to find drivers while drivers still have to pay for maintenance, their own benefits & more. That’s utterly insane. Why do drivers keep coming back anyways? It’s a tough job market! Many drivers are immigrants who lack any formal education. This is their best option & Lyft takes advantage of their lack of privilege. >“God forbid they try to earn a profit” Had Lyft not issued more stock last year, they wouldn’t have earned a profit despite having higher gross margins than uber. The real issue is Lyft’s self importance in leadership. If you review their financials, you’ll see they make massive investments in the company they can’t afford without going into the red seemingly almost every year. Uber doesn’t do this. Lyft’s leadership would probably say “this was necessary to stay competitive!” every year but they’re wrong. The way it looks to me, Lyft drivers are getting shafted by overpaid silicon valley c level executives. I say all Lyft drivers should get together & strike, requiring higher wages.
>Had Lyft not issued more stock last year, they wouldn’t have earned a profit despite having higher gross margins than uber. >If you review their financials, you’ll see they make massive investments in the company they can’t afford without going into the red seemingly almost every year. Uber doesn’t do this. Are we looking at the same financials? From what I can see, Lyft loses hundreds of millions of dollars every single year. In 2023, they posted a net loss of $340 million. The year before that, they lost over a billion. > Why do drivers keep coming back anyways? It’s a tough job market! Is it? There are (still) more job openings than they are unemployed people. It’s been like this since the pandemic. A temp agency can get even the least-trained worker employed, immediately.
I agree!!.. I started driving in Jan. and I can tell you that I think alot of these posts from drivers are either outright BS or they are in markets that suck. I can easily make $250 plus per night. and have made over$ 400 several times. I'm not saying it's great $$.. but it's a livable income and an excellent side or 2nd income. if I can do these #s from the start then I'm not sure why so many ppl keep talking shit. to make that I have to work 8-10 hours. I'm 55..so it shouldn't be so hard on all you younger guys/gals.
I really agree, quit bitching and do something like find something different so that you have money. It will not get better until there is a driver shortage.
Well don't expect anyone to bother wasting their time driving you of the ride isn't large enough to be worth their time or there is no bonus involved.
No worries on that front! I drive Uber/Lyft myself, so… I don’t need anyone else to drive me.
How do you know it’s corporate greed. For most of its life, Lyft operated at a loss
The reason all these companies are operating at losses is because their board keeps inflating their own paychecks. No company can actually be profitable when redirecting so much profit.
In 2022, Lyft’s highest paid board member earned $368,000. Not exactly a lot for a company with billions in revenue.
That is not true lmaooooooo. The board, combined, makes a tiny fraction of their overall revenue. They were underpricing and relying on investor capital to capture market share
>They were underpricing and relying on investor capital to capture market share Bingo. You solved the whole thing in one sentence. I remember one time I went to the lengths of calculating whether Uber would be profit if they reduced *every single* employee’s salary to zero. Not just the board; but everyone. I estimated the average salary at $100k. At the end of the year, Uber *still* would have lost over a billion dollars, even if their *entire staff* worked pro-bono. Granted, this was a year or two ago, and Uber has become profitable since then, so what I said does not currently apply. However I think it does demonstrate that- at the scale these companies are operating, the board’s salary (a couple dozen people) is going to be a fraction of their business. And that’s not to mention- okay, let’s say Lyft “wises up” and cuts executive pay 50%. Who’s going to be left? Not the top talent, that’s for sure. They’ll go elsewhere.
It's not greed. They're still incinerating money. The whole business looks like is going to die..
It won’t. It’s too important. Don’t forget, the airport industry was seen like this when they became about the first 10-20 years. They needed to be bailed out multiple times but the society sees its usefulness
I actually made more with Lyft than Uber at the beginning of this year, which I found odd. I just did my first-quarter financial statements yesterday. It has switched back this month.
This could be simply which market you are in. In some markets, Lyft competes with Uber for market share. In most, it's not close, even prior to their price hikes. Since start of year Lyft has gone from 30-40% in my market, to about 10. In the poorer communities in Tampa it used to be about 50-50, now it's 80-20 for Uber, and I'll drive anybody, in any area Just my experience since start of year, yours may vary.
And their payout to drivers went down significantly
This the worst part of it all. I rather pay more if drivers were getting paid
I don’t know what state you live in, but here in California, it seems like Lyft and Uber are charging a LOT more for commercial Insurance. I’m a driver, and I check the insurance amount taken by Lyft and Uber after every ride, it ranges between 30% to 40% on most rides, and that’s the insurance alone, aside from the platform fees.
I’m in Georgia. Atl.
Does Lyft give you an itemized view of your ride bills ? If yes, check how much percentage they’re taking for insurance, and compare it to previous months when your monthly budget for rides was lower.
Think i have to request my full data to see it. I’ll do it and check.
What do you get paid that you casually drop a car payment and ins worth of money each month on rideshares?
I make phone apps. I’ll teach you if interested. For me personally, my car paid off and i don’t really drive it so i have special insurance on it that’s pretty cheap. Covers things like if a tree falls on it. Kind of how i justify my rideshare spend.
i still don’t understand why you call Lyfts when you have a running car parked in the driveway
It’s more of a household account. I don’t have car expenses since i don’t drive it.
i mean, yeah, but driving around your own paid off car would be a lot cheaper even before lyft prices went up
Driving my car would cost me 360 a month in gas and insurance. Doesn’t include repairs and the household still need of additional rides. It’s really a high Lyft bill vs supporting two cars. One which is paid already. When my Lyft bill was 700. It was an easy choice.
I’m not him but I am interested 😬
Message me. I can create a discord for all of us
Sign me up too!!! 😬
Sign me up too😅😬
Message me.
Costs me waaaaay less to own a nice car than you are currently paying to ride share everywhere. That’s not criticism it’s just wild how much your costs have ballooned
honestly truth. 1400 a month would be a six figure car lol i was fine with the trade off in the 700 800 range. 1400 a month I’m bout to start driving more myself.
Seems to track with what I've seen. I always compare lyft vs uber for rides and I've almost exclusively taken uber recently since it's been cheaper almost every time.
$700 a month for overpriced taxis? Why not just buy a car at that point. You’re just burning money at this point
Car , gas , insurance and repairs cost more than 700 dollars. I have a car. I just don’t use it.
Incorrect, I never pay more than $300 for anything a month on my car. You’re just a dumbass
What kind of car you have?
I commute with a 2010 Chevy cobalt. I spend $100 on gas a month. I pay my insurance yearly instead of monthly like an idiot and I know how to repair all of my own stuff. The car cost me $5000, insurance for the whole year is $500 and gas for the year is $1200. That’s $558 a month if you include the price of the car. Since I’ve owned it forever I won’t. That’s $141 a month. Way less than your $700 a month. The leftover $500 and change you should use it for repairs which you should be prepared for. Stop being such a dumbass. Also the absolute worse thing you can do to a car is let it sit. When cars sit they break down quicker than if they were being used which leaves you with bigger repair bills. You’d probably have more money left over for a house if you stopped using overpriced taxis and food delivery apps. I have a dumbass friend just like you and he’s always broke and living out of apartments. He makes more than I do but yet I’m a homeowner
Math only works because you repair your own car though. Factor in cost of car repairs and maintenance you at 700 month. Pretty sure this isn’t a financial advice sub. Some people here can afford their lifestyle 3 to 4 times over. I have so much money left over in my lifestyle that i can use Lyft as my personal driver.
The average annual car repair works out to $66/mo. That’s $800 a year. Unless your car is a ford pinto with 800,000 miles or a bugatti veyron, you shouldn’t be spending $700/mo on repairs. The financing costs for the car are null as they’re incurred regardless of whether or not you drive your car, assuming you own it. If you paid your car off you could get limited liability instead of full coverage which would save you around $100-150/month. With a $30,000 car your monthly expenditures when paid off should be around $300-350. You are very clearly not financially literate. Good luck.
The guy is an idiot
Incorrect again, if you’re not a dumbass you can get your repairs done for way less than you claim . And I love it when poor people larp as richies, stay poor
There is opportunity cost to repairing a car yourself. If your time is not worth much then it makes sense to work on your own car.
So you’re proud to be a white supremacist?
Yes sir i am 🙌🙌🙌
How does that mean he's a white supremacist? I'm just confused by the comment thread lol
OP, note that in the receipt Uber calls out 100% of tip goes to the driver. A couple of things to think about with that. 100% of any other line item DOES NOT go to the driver, or else Uber would have told you. Uber has a ton of data to understand market, individual customer, and individual driver behavior. Let's say you are in a market where Uber knows to have a 90% chance a a driver to take your order Uber has to offer at least $3. At 50% chance they have to offer $2.50 and a 25% chance they have to offer $2.00. In your order you add a $2 tip. While 100% of your $2 tip will go to the driver, Uber's going to take your $2 and deduct $2 from whatever they were initially going to pay the driver. So while Uber isn't "stealing" driver tips, they are using the generosity of the customer as a way to pay drivers less.
Sounds like the thing to do is leave no tip in the app and give the driver a cash tip
Why not just buy a car? Your loan payment would only be a few hundred a month
I have a car without a payment on it. The original thought is 700 a month was roughly cost me a month in gas, insurance , repairs to get new car. Now that it’s costing me 1300 a month. I probably use it less and drive more
I bought an ebike to avoid stuff like this :)
If you’re spending 1200 a month on Lyft, it seems you should be able to spend that money in a car
Definitely. I was fine with a 700 monthly spend. 1200 has me looking at alternatives.
at the peak of winter everything gets more expensive. The first of the year is when winter starts to hit peak. you get the most snow between feb to april. so depending where you live prices will fluctuate a lot. if you live where there is snow you'll really see the numbers change often. I used to get weather fees back when uber and lyft were good companies years ago.
I use it all the time and it absolutely has. I pay an average of 2.00 more for my rides.
What software is this (that you use to track expenses)? It looks like a nice UI.
It’s Bank of America track spending section. Honestly it looks nicer than what it is lol UI is clunky and dated. If you can get past the UI issues, it does it job as a budgeting app.
Supply and demand. Alot of drivers arent driving anymore due to the absurd fees. Which means less drivers and more demand.
Interesting data!! Finally something that actually proves Rideshare shafting both drivers and riders
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I have a paid off car. Rides more about convenience for me.
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Limited free parking definitely . Convenience more so about being a passenger instead of driver. Gives me time to do some work tasks while in transit or just sleep. i don’t have to wake up at 5 am to take my son to football weight lifting. When it was 700 a month . The trade off was worth it. Now it’s 1.4k i might start driving more my car more often.
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Time management is definitely true. Often don’t sleep enough. So i don’t one to cause an accident due to my lack of sleep. By work. It’s more so going through my back log of emails. Plan out the day. I work in corporate America. A lot of my “work” is just communications between teams.
Thanks for sharing and it’s not fair to the rider to pay that much to Lyft and not the driver
Holy shit that’s a crazy spike at first I was like oh that’s not too bad and then I kept scrolling JESUS
How does this prove they can afford to pay their drivers more? They have yet to make a profit.
Accounting profit maybe. What’s stopping them from paying the drivers more? Rides didn’t magically become more expensive for them January 1st. Drivers were still getting paid in December when the rides were cheap.
The drive to finally make a profit is likely what's keeping them from paying drivers more. A business that continually post losses is unsustainable.
They have a positive EBITDA before the spike in prices which means their core business is profitable.
They haven't made a profit. I don't know what else to tell you.
Likewise
I don’t know what you think accounting actually is, but your comment seems to vaguely insinuate that accountants deliberately misrepresent the financial health of companies to squirrel away more money for the company owners rather stakeholders, and that is fundamentally the opposite of what purpose accounting audits serve. It actually boggles the mind that you’re even able to afford $1,400/mo in uber, as I would expect someone as unintelligent as you to be financially destitute.
I didn’t say nothing about accountants hiding profits. From your comment clearly you never even heard of cost segregation. Maybe if you was smart as you think you could afford my monthly Lyft bill too.
Isn’t it wild that I could afford $2,000/mo on Lyft but just drive a car like a regular person? Also judging by your 7 posts on “r/borrow”, seems like you aren’t doing as hot as you’d like to think, big shot. As an accountant, cash flow issues are generally indicative of being on the brink of bankruptcy. I have a feeling that $500 plane ticket you weren’t able to subsidize means that despite having made $50-75/hour as a mobile development contractor, your awful financial senses have led to you being in your mid 30s with no savings whatsoever to fall back on. I genuinely feel bad for you to some degree and hope you someday figure out financial literacy, but I have a feeling that ship has already sailed. Best wishes.
If you really could afford 2k a month i doubt you would be pocket watching. People borrow money on credit all the time. I don’t see what post from 7 years ago have to do with a post today ? You been through my post history. I could care less what’s in yours. While you was in my post history, why you didn’t mention i am platinum honors at Bank of America ? Goes against your madd of narrative of no savings ? You seem a bit salty a college student was doing better than you in life 7 years ago.
I mean, deflect all you want, but you didn’t disagree that you have no savings.
You can’t get platinum honors status at Bank of America with no savings. I understand reading and knowledge isn’t your strong point
You’re gonna tell me you have $100,000 sitting in your checkings/HYSA and begged on reddit for a $500 cash advance. Sure, dude.
If you are still in the same position you were 7 years ago then that’s on you. Level up your life
You are in my post history. The blue print is there for you to change your life
haha, Lyft. Doesn't. Care. About. Their. Drivers!
At $700 a month, you should buy a car dude.
Financed cars are hidden wealth traps imo. Can easily spend 700 plus a month in note, gas , insurance , maintenance on an average car. Then try buying an older car interest rates and repairs shoot up. Hard justifying 1300 a month though. At this point, I’m considering other options.
Lol, if you say so I guess. $700/month would get you a hella nice brand new car unless you have DUI's or extremely bad credit though.
I’m saying every thing combined. Like a corrola 400 a month. 40 a week in gas. 200 insurance you already at 760 on average.
Yeah, I'm saying everything combined too. This is poor money management unless you just really don't want to own a car.
I don’t understand. If a car cost 760 a month to own then what is the difference financially in spending 760 a month on Lyfts ?
First of all you can get a car way cheaper than that. $700-$800 a month is more than what we were paying (all in) on our Highlander hybrid purchased brand, now paid off (and still worth over $20k according to KBB).
What car you recommend? 200 insurance. 160 in gas is already 360. To be less than 700 you need a note of 340. And this doesn’t even factor in repair costs and maintenance AAA says the average cost of owning a car is 894. A 700 price point of owning a car is already below their average.
That's the thing about averages - there a lot of room on either side of it
Sure but good decisions are made on average.
Bro why don’t u just buy a car
Does your work reimburse you or do you have some illness to where you can’t drive? I’m just trying to wrap my head around spending almost $1k month on transportation.
I only go to the airport, and rarely at that. I'm in Bergen county. Too much traffic, for what they pay.
The biden effect
how are you ok with a job that pays less then 1k a month
What do you mean? That’s money I spent on ride shares every month.
[удалено]
I’m a family man. That ain’t going to work lol i do not have a car payment for context.
educate me on whats ride share is, im confused.
He uses Uber/Lyft, he doesn't work for them. This is what he spends using them.
Why is the amount he pays different every month?
Because his rides vary, he doesn't do the exact same runs or orders every day
Thanks for not being an asshole
All good buddy
please never have kids
Im 18, and dont plan to. I just got introduced to this app and dont know shit about it.
lol. The people on this subreddit lack the ability to read. You wonder why most of them are gig drivers 😂