Uber and Lyft Gear Up for Pay Increases in Minnesota: What Drivers and Investors Need to Know
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 22 2024
0mins
Source: Benzinga
- Uber and Lyft Drivers Pay Increase in Minnesota: New law to raise pay for drivers starting January 1, 2025, with rates set at $1.28 per mile and $0.31 per minute.
- Legislation Benefits and Compromises: The bill offers protections like insurance and injury compensation for drivers, potentially increasing costs for riders.
- Governor's Support and Concerns: Governor Tim Walz supports the bill after negotiations but had vetoed an earlier version due to concerns about high ride-hailing costs.
- Financial Performance of Uber: Uber reported revenue growth of 15% year-on-year in the first quarter of 2024, with strong performance in trips and Adjusted EBITDA.
- Investment Opportunities: Investors can access Uber and Lyft stocks through ETFs like ProShares On-Demand ETF and Amplify Travel Tech ETF, with Uber shares trading higher premarket.
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Analyst Views on UBER
Wall Street analysts forecast UBER stock price to rise
32 Analyst Rating
28 Buy
3 Hold
1 Sell
Strong Buy
Current: 70.400
Low
72.00
Averages
107.10
High
150.00
Current: 70.400
Low
72.00
Averages
107.10
High
150.00
About UBER
Uber Technologies, Inc. operates a technology platform that uses network and technology to power movement from point A to point B. It develops and operates technology applications supporting a variety of offerings on its platform (platform(s)). Its segments include Mobility, Delivery and Freight. Mobility products connect consumers with drivers who provide rides in a variety of vehicles, such as cars, auto rickshaws, motorbikes, minibuses, or taxis. Delivery offerings allow consumers to search for and discover local restaurants, order a meal, and either pick-up at the restaurant or have the meal delivered. In certain markets, the Delivery segment provides offerings for grocery, alcohol, and convenience store delivery as well as select other goods. The Freight segment connects carriers with shippers on its platform, and gives carriers upfront, pricing and the ability to book a shipment. The Freight segment also includes transportation management and other logistics service offerings.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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