Ride-Sharing Slumps, Leaving Uber and Lyft Drivers in Limbo

Since the coronavirus outbreak, Uber’s business slumped between 60 and 70 percent. After saying in February that it expected to generate between $16 billion and $17 billion this year, the company now says it cannot forecast its revenue. D.A. Davidson senior research analyst Tom White said that, with regard to ride-sharing, “the whole country is going to be down 70 to 80 percent.” The coronavirus has also highlighted a crucial labor issue: whether ride-share drivers are considered employees or independent contractors. Continue reading Ride-Sharing Slumps, Leaving Uber and Lyft Drivers in Limbo