According to YipitData market research firm YipitData, the record Uber/Lyft fare reached a record in the U.S. last week due to high gas prices and a labor shortage. YipitData reports that the companies drew less riders than in three years and had 35% fewer trips during the first quarter.
The companies had hoped that the labor shortage would normalize once states eliminated pandemic-driven unemployment insurance benefits last year. However, demand for drivers continues outpace supply.
Analysts and investors are now asking whether the ride-hailing market has reached its maximum size and whether Lyft and Uber can continue to operate profitably.
To combat the stubborn set of challenges, the companies are bringing back ride-pooling–picking up multiple passengers who want to save money by paying only part of the fare. During the current health crisis, ride-sharing was stopped.
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Uber has teamed up with taxis to increase its driver pool. Lyft stated that it would give drivers larger bonuses. Both companies are reducing costs by limiting hiring and spending.
Lyft President John Zimmer stated that “our near-term action plan will focus on accelerating profits-–whether we like it, that’s today’s ticket to entry in the market,” in a Tuesday memo sent to staff and viewed by The Wall Street Journal.
Lyft shares have dropped more than 65% over the past year. Uber’s shares are more than 50%. The Nasdaq Composite Index, however, has fallen less than 20%.
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