Uber, Lyft Drivers Are Back To Work, But Prices At Record High

• The fares of Uber Technologies Inc (NYSE: UBER) and Lyft Inc (NASDAQ: LYFT) in the U.S. are at a record high, despite their drivers returning to work. The fares have risen month-to-month from February through July, WSJ reports quoting Rakuten Intelligence’s data.

• Consumers have paid over 50% more for a ride in July compared with January 2020, before the COVID-19 pandemic.

• In June, both Uber and Lyft hiked their fares amid driver shortages.

• According to Uber, 30% more drivers signed up for work in July compared with June.

• Similarly, 50% more drivers at Lyft signed up in the three-month period, which ended in June compared with the preceding three months.

• Uber has said that the prices were returning to pre-Covid levels in cities or states that had ended unemployment benefits.

• Lyft has said that its third-quarter revenue would take a hit as it has spent $572 million on driver incentives through the second quarter.

• Uber said its drivers are making more than $40 an hour.

See more from Benzinga

• Click here for options trades from Benzinga

• Disney Makes Vaccination Mandatory For Salaried, Non-Union Hourly Workers In U.S.

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.