One study showed rideshare costs were up 40% compared to pre-pandemic.
“We have come back from the pandemic faster than almost any other mode of transportation despite higher pricing,” Khosrowshahi said during a quarterly earnings call. “Now, we don’t necessarily want that to be a permanent fixture, but I do think with the increased cost of labor, and frankly inflation and the increased cost of everything, I do think that prices are going to be up on a year on year basis, and as a marketplace we get a take of that.
While the companies both previously had said they expected ride costs to drop by the end of the year, the price increases are holding steady. Rakuten Intelligence, a company that collects and analyzes e-commerce data, said in a study of credit card receipts that costs were up 40% compared with pre-pandemic costs.Both Uber and Lyft posted record third quarter profits, which started July 1 and ended Sept. 30. On Nov. 2, Lyft posted an adjusted EBITDA profit of $67.3 million.
Uber and Lyft signage seen on a car parked on Fulton at Laguna streets on Jan. 29, 2020, in San Francisco. Customers are still adjusting to the price increases and wait times. In San Francisco, Mary Ann Jones, who runs a nonprofit social services agency less than a half mile from Uber’s headquarters, told ABC News her rideshare expenses have increased dramatically.
“I’m paying significantly more to get where I need to go,” said Jones, who is walking when possible rather than hailing rides. “The surges are ridiculous.”Despite returning business and driver increases, drivers say the funds are not trickling down to them."Driver earnings remain near all time highs due to increased utilization," Khosrowshahi said during the Nov. 4 earnings call.
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