Tech

Lyft and Uber’s fork on road to profit

Technology sector updates

This article is an on-site version of the #techFT newsletter.sign up here Send the full newsletter directly to your inbox each week

Lyft has just won the profitability race ahead of its ride-haling rival Uber, but there are signs of hope that the latter isn’t too late.

Tuesday, Lyft Report first adjusted profit — Modest $ 23.8 million — We expect to exceed our target by a quarter and remain profitable in the future. The benefit was that the Covid-19 restrictions were relaxed as the riders returned to the service, but they had to spend more to attract the drivers.

Lyft is a one-dimensional company compared to Uber, serving the US market and focusing on taxi services. Rivals, on the other hand, are international and are also committed to delivering food and groceries.

on Wednesday, Uber was short enough Wall Street recorded $ 509 million, so we estimate the adjusted loss to be $ 325 million, but we repeated our goal of recording a quarterly profit by the end of the year. The incentive to seduce the driver was blamed for the poor results. Uber chief Dara Khosrowshahi said most of the drivers attracted were “resurrected” workers who returned to the platform, and the company returned to the “good old phone.” To return them to the ship.

Spending on incentives is currently eased and there is no current price competition with Lyft, so profitability could be closer. Analysts at Morgan Stanley say Eats remains bullish on Uber as its delivery business remains strong and attracts people to ride-hailing services. Uberpass, Monthly subscription services that save on boarding and delivery drive 30% of delivery bookings, and on-demand grocery services are affiliated with Albertsons, Walgreens and Costco chains.

Rex says Uber seems to be always trying to prove that it can make money before being disappointed with the unexpected costs. No wonder the stock is still below the IPO price. Regulation remains a difficult threat to pricing profits, and if Uber is forced to pay more profits to its drivers, sustainable profitability goals can be a milestone that moves farther. ..

Internet of Things (5)

1. Apple plans iPhone scan — exclusive
Apple will install software on the US iPhone to scan images of child abuse. Report by Madhumita Murgia and Tim BradshawSounds a warning among security researchers who warn that it could open the door to the monitoring of millions of people’s personal devices. Earlier this week, Apple detailed the proposed system (known as the “neural Match”) to some US scholars.

2. Indian Supreme Court may consider phone spyware
Indian Supreme Court Began listening to journalists’ plea An independent court-supervised investigation into allegations that the Narendra Modi administration abused spyware to monitor opposition politicians, reporters, and officials. Traces of NSO Group’s Pegasus software were found on the smartphones of opposition political strategists and seven Indian journalists.

Daily newsletter

#techFT provides news, comments, and analysis on the big companies, technologies, and issues that shape this fastest sector move from specialists based around the world. click here Get #techFT in your inbox.

3. Walmart Flipkart faces big Indian fines
Indian authorities Threaten to impose a fine Wal-Mart-owned e-commerce group Flipkart and its founders are suspected of historic violations of the country’s foreign investment law. Flipkart confirmed Thursday that it was under investigation by the country’s executive office and reported that the group faced a $ 1.35 billion fine.

4.ByteDance has been forced to reduce education
TikTok owner ByteDance Start temporary dismissal In the education sector after some businesses have become illegal due to new Chinese government regulations. The Beijing-based company has recently acquired five dozen companies and announced plans to hire an additional 10,000 employees in February, but now thousands could be parted. Investors in other education companies Regain their capital.

5. Rakuten’s 5G lifeline
Japan’s largest e-commerce group may have just found a bailout. Rakuten has won the first contract to export 5G network construction technology to German wireless operators 1 & 1. This is a turnaround opportunity needed by deficit companies. Rex says..

Transfer from Sifted — European Startup Week

Based in Berlin Grocery Startup Gorilla Is in talks to raise a new funding round led by DoorDash, the largest food delivery company in the United States, with a potential value of approximately $ 2.25 billion. This may seem like a big number, but according to sources close to the company, it’s far from the $ 6 billion valuation that gorillas wanted to get earlier this year.This is coming In the signs of a civil war in a gorilla, Has been hit by a delivery rider’s protest in Berlin and has been accused of arbitrary firing at headquarters and a hostile environment.

others European start-ups This Week’s News, UK-based Event Company Hoppin said he had raised another $ 450 million In terms of funding, the company valued $ 7.75 billion just months after finishing the previous round. This salary increase solidifies Hopin’s position as one of Europe’s fastest-growing European tech start-ups and one of Europe’s largest private sector companies. This is another sign of accelerating the funding timeline for fast-growing companies in Europe.Finally, how Sifted is this week The military turned to young companies in search of technological advantage And Paris startups to watch in 2021..

Tech Tools — Google’s New Nests

Google today Launched a new generation An overview of Nest Cams and the latest information on doorbells. NS Google Nest Cam ($ 180) is the first outdoor / indoor battery-powered camera Google Nest Doorbell ($ 180) is the first battery-powered doorbell. next, Google Nest Cam with floodlight ($ 280) and 2nd generation Google Nest Cam (Wired), this is the most affordable security camera ever for $ 100. The Verge says Google is lowering prices across the range and making devices more intelligent with a unique Tensor chip that allows them to process. The new Nest can be pre-ordered today and will be available on August 24th. Google also offers Security package Includes a Nest hub for monitoring cameras.

Recommended newsletter for you

#techAsia — Billions of guides made and lost in the AsiaTech world.sign up here

#fintechFT — Up-to-date on the most pressing issues in the technology sector.sign up here

Lyft and Uber’s fork on road to profit Source link Lyft and Uber’s fork on road to profit

Related Articles

Back to top button