This is not a business plan

See update for July 8, 2021, at end of post.


The story, pretty consistently since April, has been that there aren’t enough Uber and Lyft drivers on the road,[1] resulting in sky-high fare increases that aren’t very much being passed on to drivers.[2] And so Uber and Lyft continue to have difficulty getting drivers back on the road[3] even as they foresaw a problem clear back in March.[4] A project led by Dr. Julia Ticona, at the University of Pennsylvania’s Annenberg School for Communication has been exploring why and basically what emerges is that drivers are fed up[5] with the disingenuous games that Uber and Lyft have been playing with drivers, largely on pay,[6] certainly as long as I’ve been driving for these companies.

Something that I think shows up in a number of ways is that the rich capitalists who run these companies fail to fully take in that their drivers are poor, not middle class. They have an imagination, for example, that we’re all going to run out and buy electric vehicles,[7] an imagination that is manifestly failing to conform with reality[8] in large part because nobody who’s middle class would even consider driving for these companies, but also really, even if nobody is paying attention, due to a persistent and impossible-to-ignore impracticality of operating these vehicles, especially for folks who live in apartment complexes that lack charging facilities.[9] Middle class folks may own their homes and might have a place to plug in their cars; the poor mostly will not.

But the companies act as if pay doesn’t really matter, as they keep cutting it, despite the toll this job takes on physical and mental health and despite the not-at-all insignificant costs of operating a vehicle under these conditions[10] and despite the fact that a human being needs to actually earn a living.[11]

For all of it, there’s still no apparent path to profitability for these companies. They thought they were going to get there with self-driving cars,[12] but it’s increasingly clear that that technology is a long ways off[13] and the companies have sold off their autonomous vehicle development units.[14] Yet they cling desperately, expensively, and sleazily to the “independent contractor” scam, otherwise known as worker misclassification,[15] despite its evident failure to attract and retain drivers who have any other options at all.[16]

Way back in the late 1970s, when I was a Business Data Processing major at American River College in Sacramento (this is my Associate in Arts degree), I learned about something called a “business plan.” This is where an aspiring business person had to realistically look at the market demand for a product or service and what it would take to provide that product or service, and then to actually devise a serious plan for doing it, profitably.

This, of course, had been entirely forgotten by the time of the dot-com boom, where hype took the place of planning, hence the dot-com crash in 2001, a crash from which I have never recovered despite returning to school and finishing all the way up through a Ph.D. Uber and Lyft are plainly products of that dot-com mentality and their drivers have paid an extreme price:

[D]rivers said the coronavirus pandemic provided the first glimpse in years at what a life after Uber could look like. For many of them, it was a meaningful reset that gave them a better understanding of the toll the gigs had taken on their bodies, their mental health and their vehicles. It was the push they needed to finally begin their lives after Uber.

Some of the drivers said they realized the ride-hailing gigs were not the same jobs they signed up for in the early days of the apps. In the early days, they were incentivized with promotions and what they regarded as sustainable wages, taking more than $1,000 in pay from a full workweek. But as the apps took off, pay models changed and earnings slowly dwindled as drivers saw their weekly pay fall into the hundreds.[17]

It took a long time for these companies to relinquish[18] their delusion that self-driving cars would solve their problems anytime in the foreseeable future.[19] And it’s really only been this year that they’ve faced pushback at the federal level for their treatment of drivers,[20] an exploitation that they had to spend exorbitantly to defend sleazily in California[21] and that’s now failing to deliver.[22]

Uber and Lyft executives cling to a capitalist libertarian and neoliberal ideology that insists that people should be grateful (the “work ethic”) to work for nothing.[23] But delusion is not actually a business plan.


Update, July 8, 2021: Whizy Kim is only the latest[24] to raise doubts about Uber’s (and, really, Lyft’s) path to profitability.[25] As Kim notes, however, the business model depends on treating drivers like shit.[26] What’s apparent is that even that isn’t enough.[27]

  1. [1]Jessica Bursztynsky, “Uber CEO is ‘not happy’ with how long it’s taking to pick riders up or prices being charged,” CNBC, May 25, 2021, https://www.cnbc.com/2021/05/25/uber-ceo-is-not-happy-with-driver-supply-pricing.html; Laura Forman, “Uber and Lyft Need a Sharper Turn,” Wall Street Journal, April 13, 2021, https://www.wsj.com/articles/uber-and-lyft-need-a-sharper-turn-11618311794; Michael Hiltzik, “Uber reneges on the ‘flexibility’ it gave drivers to win their support for Prop. 22,” Los Angeles Times, May 28, 2021, https://www.latimes.com/business/story/2021-05-28/uber-flexibility-prop-22; Mariella Moon, “Uber and Lyft rides are pricier due to a lack of drivers (and the waits are longer, too),” Engadget, June 1, 2021, https://www.engadget.com/uber-lyft-surge-pricing-lack-of-drivers-035835230.html; Faiz Siddiqui, “Where have all the Uber drivers gone?” Washington Post, May 7, 2021, https://www.washingtonpost.com/technology/2021/05/07/uber-lyft-drivers/; Alissa Walker, “Why Your Uber Ride Is Suddenly Costing a Fortune,” New York, June 4, 2021, https://www.curbed.com/2021/06/uber-lyft-expensive-new-york-city.html
  2. [2]Faiz Siddiqui, “You may be paying more for Uber, but drivers aren’t getting their cut of the fare hike,” Washington Post, June 9, 2021, https://www.washingtonpost.com/technology/2021/06/09/uber-lyft-drivers-price-hike/
  3. [3]Jessica Bursztynsky, “Uber CEO is ‘not happy’ with how long it’s taking to pick riders up or prices being charged,” CNBC, May 25, 2021, https://www.cnbc.com/2021/05/25/uber-ceo-is-not-happy-with-driver-supply-pricing.html; Laura Forman, “Uber and Lyft Need a Sharper Turn,” Wall Street Journal, April 13, 2021, https://www.wsj.com/articles/uber-and-lyft-need-a-sharper-turn-11618311794; Michael Hiltzik, “Uber reneges on the ‘flexibility’ it gave drivers to win their support for Prop. 22,” Los Angeles Times, May 28, 2021, https://www.latimes.com/business/story/2021-05-28/uber-flexibility-prop-22; Mariella Moon, “Uber and Lyft rides are pricier due to a lack of drivers (and the waits are longer, too),” Engadget, June 1, 2021, https://www.engadget.com/uber-lyft-surge-pricing-lack-of-drivers-035835230.html; Faiz Siddiqui, “Where have all the Uber drivers gone?” Washington Post, May 7, 2021, https://www.washingtonpost.com/technology/2021/05/07/uber-lyft-drivers/; Alissa Walker, “Why Your Uber Ride Is Suddenly Costing a Fortune,” New York, June 4, 2021, https://www.curbed.com/2021/06/uber-lyft-expensive-new-york-city.html
  4. [4]Aarian Marshall, “Gig Companies Fear a Worker Shortage, Despite a Recession,” Wired, March 5, 2021, https://www.wired.com/story/gig-companies-fear-worker-shortage-despite-recession/
  5. [5]Rida Qadri and Alexandra Mateescu, “Uber and Lyft: woo drivers with stable pay, not short-term honeypots,” Guardian, June 20, 2021, https://www.theguardian.com/commentisfree/2021/jun/20/gig-economy-companies-uber-lyft-drivers-pandemic
  6. [6]Farhad Manjoo, “The Uber I.P.O. Is a Moral Stain on Silicon Valley,” New York Times, May 1, 2019, https://www.nytimes.com/2019/05/01/opinion/uber-ipo.html; Dhruv Mehrotra and Aaron Gordon, “Uber And Lyft Take A Lot More From Drivers Than They Say,” Jalopnik, August 26, 2019, https://jalopnik.com/uber-and-lyft-take-a-lot-more-from-drivers-than-they-sa-1837450373; Alexa Noel, “Revised MIT Study Says Uber, Lyft Drivers Make About $8 or $10 per Hour,” Points Guy, March 8, 2018, https://thepointsguy.com/2018/03/revised-mit-study-says-uber-lyft-drivers-make-about-8-or-10-per-hour/; Kari Paul, “Uber drivers plan shutdown over ‘poverty wages’ as company goes public,” Guardian, April 25, 2019, https://www.theguardian.com/technology/2019/apr/24/uber-drivers-strike-ipo; José Rodríguez, Jr., “The Aftermath Of Prop 22 Is Not As Happy As Big Tech Promised,” Jalopnik, February 18, 2021, https://jalopnik.com/the-aftermath-of-prop-22-is-not-as-happy-as-big-tech-pr-1846299686; Alexander Sammon, “Prop 22 Is Here, and It’s Already Worse Than Expected,” American Prospect, January 15, 2021, https://prospect.org/labor/prop-22-is-here-already-worse-than-expected-california-gig-workers/; Faiz Siddiqui, “Where have all the Uber drivers gone?” Washington Post, May 7, 2021, https://www.washingtonpost.com/technology/2021/05/07/uber-lyft-drivers/
  7. [7]Ben Elgin and Lizette Chapman, “How Uber and Lyft Are Losing the Race to the Electric Future,” Bloomberg, May 10, 2021, https://www.bloomberg.com/news/features/2021-05-10/inside-the-slow-ev-adoption-by-uber-and-lyft; Andrew J. Hawkins, “Lyft vows ‘100 percent’ of its vehicles will be electric by 2030,” Verge, June 17, 2020, https://www.theverge.com/2020/6/17/21294040/lyft-electric-vehicle-ev-100-percent-2030; Andrew J. Hawkins, “Uber pledges to shift to ‘100 percent’ electric vehicles by 2030,” Verge, September 8, 2020, https://www.theverge.com/2020/9/8/21427196/uber-promise-100-percent-electric-vehicle-ev-2030
  8. [8]Dale Kasler, “Your Uber and Lyft driver must go electric. California’s latest climate change mandate,” Sacramento Bee, May 21, 2021, https://www.sacbee.com/article251574748.html
  9. [9]David Benfell, “Range anxiety, Uber and Lyft style,” Not Housebroken, May 22, 2021, https://disunitedstates.org/2021/05/21/range-anxiety-uber-and-lyft-style/
  10. [10]Farhad Manjoo, “The Uber I.P.O. Is a Moral Stain on Silicon Valley,” New York Times, May 1, 2019, https://www.nytimes.com/2019/05/01/opinion/uber-ipo.html; Dhruv Mehrotra and Aaron Gordon, “Uber And Lyft Take A Lot More From Drivers Than They Say,” Jalopnik, August 26, 2019, https://jalopnik.com/uber-and-lyft-take-a-lot-more-from-drivers-than-they-sa-1837450373; Alexa Noel, “Revised MIT Study Says Uber, Lyft Drivers Make About $8 or $10 per Hour,” Points Guy, March 8, 2018, https://thepointsguy.com/2018/03/revised-mit-study-says-uber-lyft-drivers-make-about-8-or-10-per-hour/; Kari Paul, “Uber drivers plan shutdown over ‘poverty wages’ as company goes public,” Guardian, April 25, 2019, https://www.theguardian.com/technology/2019/apr/24/uber-drivers-strike-ipo; José Rodríguez, Jr., “The Aftermath Of Prop 22 Is Not As Happy As Big Tech Promised,” Jalopnik, February 18, 2021, https://jalopnik.com/the-aftermath-of-prop-22-is-not-as-happy-as-big-tech-pr-1846299686; Alexander Sammon, “Prop 22 Is Here, and It’s Already Worse Than Expected,” American Prospect, January 15, 2021, https://prospect.org/labor/prop-22-is-here-already-worse-than-expected-california-gig-workers/; Faiz Siddiqui, “Where have all the Uber drivers gone?” Washington Post, May 7, 2021, https://www.washingtonpost.com/technology/2021/05/07/uber-lyft-drivers/
  11. [11]Rida Qadri and Alexandra Mateescu, “Uber and Lyft: woo drivers with stable pay, not short-term honeypots,” Guardian, June 20, 2021, https://www.theguardian.com/commentisfree/2021/jun/20/gig-economy-companies-uber-lyft-drivers-pandemic; Faiz Siddiqui, “Where have all the Uber drivers gone?” Washington Post, May 7, 2021, https://www.washingtonpost.com/technology/2021/05/07/uber-lyft-drivers/
  12. [12]Rich Alton, “Basic economics means Uber and Lyft can’t rely on driverless cars to become profitable,” MarketWatch, August 12, 2019, https://www.marketwatch.com/story/basic-economics-means-uber-and-lyft-cant-rely-on-driverless-cars-to-become-profitable-2019-08-12; Eliot Brown, “Uber Wants to Be the Uber of Everything—But Can It Make a Profit?” Wall Street Journal, May 4, 2019, https://www.wsj.com/articles/uber-wants-to-be-the-uber-of-everything-11556909866; Eliot Brown, “Lyft Raises 2019 Revenue Outlook and Sees Smaller Annual Loss,” Wall Street Journal, August 7, 2019, https://www.wsj.com/articles/lyfts-raises-2019-revenue-outlook-and-sees-smaller-annual-loss-11565208387; Eliot Brown, “Uber Posts Its Largest Quarterly Loss,” Wall Street Journal, August 8, 2019, https://www.wsj.com/articles/uber-posts-its-largest-ever-quarterly-loss-11565295373; Richard Durant, “Uber’s Profitability Problem Is Structural,” Seeking Alpha, August 21, 2019, https://seekingalpha.com/article/4287055-ubers-profitability-problem-structural; Ryan Felton, “Uber Is Doomed,” Jalopnik, February 24, 2017, https://jalopnik.com/uber-is-doomed-1792634203; Edward Helmore, “Will Uber ever make money? Day of reckoning looms for ride-sharing firm,” Guardian, August 4, 2019, https://www.theguardian.com/technology/2019/aug/04/uber-ride-share-lyft-ipo-earnings; Sebastian Herrera and Heather Somerville, “Uber Shares Hit New Low as Post-IPO Lockup Expires,” Wall Street Journal, November 6, 2019, https://www.wsj.com/articles/uber-shares-face-more-pressure-as-post-ipo-lockup-is-set-to-expire-11573041602″; Megan McArdle, “Uber can’t keep bleeding money, can it? It apparently thinks it can,” Washington Post, November 5, 2019, https://www.washingtonpost.com/opinions/uber-cant-keep-bleeding-money-can-it-it-apparently-thinks-it-can/2019/11/05/4aa4fec0-000b-11ea-8501-2a7123a38c58_story.html; Tom McKay, “Surprising No One, Uber Continues to Hemorrhage Cash,” Gizmodo, November 4, 2019, https://gizmodo.com/surprising-no-one-uber-continues-to-hemorrhage-cash-1839625062; Christopher Mims, “In a Tight Labor Market, Gig Workers Get Harder to Please,” Wall Street Journal, May 4, 2019, https://www.wsj.com/articles/in-a-tight-labor-market-gig-workers-get-harder-to-please-11556942404; Patrick Howell O’Neill, “Just In Time For Its Big IPO, Uber Loses $1 Billion,” Gizmodo, April 26, 2019, https://gizmodo.com/just-in-time-for-its-big-ipo-uber-loses-1-billion-1834331980; Annie Palmer, “Uber falls to all-time low as investors grow more skeptical,” CNBC, August 12, 2019, https://www.cnbc.com/2019/08/12/uber-stock-falls-to-all-time-low-as-investors-grow-more-skeptical.html; Dan Primack, “Uber’s IPO got caught in a perfect storm,” Axios, May 11, 2019, https://www.axios.com/ubers-ipo-perfect-storm-2a75a55a-adec-496b-bc23-02d99d02920f.html; Erik Sherman, “Yesterday, Shareholders Bailed on Uber. Today, Insiders Got Their Chance,” Fortune, November 6, 2019, https://fortune.com/2019/11/06/uber-stock-insiders-growth-profit-lockup-period/; Faiz Siddiqui and Greg Bensinger, “Uber’s first day of trading ended deep in the red over gig-economy fears,” Washington Post, May 10, 2019, https://www.washingtonpost.com/technology/2019/05/10/uber-ipo/; Heather Somerville, “Uber Shedding About 350 Jobs to Shore Up Business,” Wall Street Journal, October 14, 2019, https://www.wsj.com/articles/uber-shedding-about-350-jobs-to-shore-up-business-11571092680; Heather Somerville, “Uber Booked Another Quarterly Loss as Revenue Climbed,” Wall Street Journal, November 4, 2019, https://www.wsj.com/articles/uber-booked-another-quarterly-loss-as-revenue-climbed-11572901549; Heather Somerville and Mark Maurer, “Uber Cuts More Than 400 Technical Jobs,” Wall Street Journal, September 10, 2019, https://www.wsj.com/articles/uber-cuts-more-than-400-technical-jobs-11568144111; Georgia Wells, “Uber Cites Tight Competition After Posting $1 Billion Loss,” Wall Street Journal, May 30, 2019, https://www.wsj.com/articles/ubers-first-quarter-loss-tops-1-billion-11559246846; Stephen Wilmot, “Uber’s Long Road to Profits,” Wall Street Journal, August 22, 2019, https://www.wsj.com/articles/ubers-long-road-to-profits-11566471068; Julia Carrie Wong, “Disgruntled drivers and ‘cultural challenges’: Uber admits to its biggest risk factors,” Guardian, April 12, 2019, https://www.theguardian.com/technology/2019/apr/11/uber-ipo-risk-factors; Michael Wursthorn, “Lyft Shares Rally on Hopes Price Increases Will Drive Profit,” Wall Street Journal, August 26, 2019, https://www.wsj.com/articles/lyft-shares-rally-on-hopes-price-increases-will-drive-profits-11566845457
  13. [13]Christopher Mims, “Self-Driving Cars Have a Problem: Safer Human-Driven Ones,” Wall Street Journal, June 15, 2019, https://www.wsj.com/articles/self-driving-cars-have-a-problem-safer-human-driven-ones-11560571203; Christopher Mims, “Self-Driving Cars Could Be Decades Away, No Matter What Elon Musk Said,” Wall Street Journal, June 5, 2021, https://www.wsj.com/articles/self-driving-cars-could-be-decades-away-no-matter-what-elon-musk-said-11622865615; Levi Sumagaysay, “Aurora, Toyota team up to bring self-driving cars to ride-hailing and the masses,” MarketWatch, February 9, 2021, https://www.marketwatch.com/story/aurora-toyota-team-up-to-bring-self-driving-cars-to-ride-hailing-and-the-masses-11612893367
  14. [14]Igor Bonifacic, “Lyft is selling its self-driving unit to Toyota for $550 million,” Engadget, April 26, 2021, https://www.engadget.com/lyft-sellss-level-5-self-driving-toyota-woven-planet-204353240.html; Kirsten Korosec, “Uber in talks to sell ATG self-driving unit to Aurora,” TechCrunch, November 13, 2020, https://techcrunch.com/2020/11/13/uber-in-talks-to-sell-atg-self-driving-unit-to-aurora/; Heather Somerville, “Uber Sells Self-Driving-Car Unit to Autonomous-Driving Startup,” Wall Street Journal, December 7, 2020, https://www.wsj.com/articles/uber-lyft-face-a-no-sharing-economy-11603710180
  15. [15]David Benfell, “The corruption of the nonprofits,” Not Housebroken, June 19, 2021, https://disunitedstates.org/2021/06/19/the-corruption-of-the-nonprofits/
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  17. [17]Faiz Siddiqui, “Where have all the Uber drivers gone?” Washington Post, May 7, 2021, https://www.washingtonpost.com/technology/2021/05/07/uber-lyft-drivers/
  18. [18]Igor Bonifacic, “Lyft is selling its self-driving unit to Toyota for $550 million,” Engadget, April 26, 2021, https://www.engadget.com/lyft-sellss-level-5-self-driving-toyota-woven-planet-204353240.html; Kirsten Korosec, “Uber in talks to sell ATG self-driving unit to Aurora,” TechCrunch, November 13, 2020, https://techcrunch.com/2020/11/13/uber-in-talks-to-sell-atg-self-driving-unit-to-aurora/; Heather Somerville, “Uber Sells Self-Driving-Car Unit to Autonomous-Driving Startup,” Wall Street Journal, December 7, 2020, https://www.wsj.com/articles/uber-lyft-face-a-no-sharing-economy-11603710180
  19. [19]Christopher Mims, “Self-Driving Cars Have a Problem: Safer Human-Driven Ones,” Wall Street Journal, June 15, 2019, https://www.wsj.com/articles/self-driving-cars-have-a-problem-safer-human-driven-ones-11560571203; Christopher Mims, “Self-Driving Cars Could Be Decades Away, No Matter What Elon Musk Said,” Wall Street Journal, June 5, 2021, https://www.wsj.com/articles/self-driving-cars-could-be-decades-away-no-matter-what-elon-musk-said-11622865615; Levi Sumagaysay, “Aurora, Toyota team up to bring self-driving cars to ride-hailing and the masses,” MarketWatch, February 9, 2021, https://www.marketwatch.com/story/aurora-toyota-team-up-to-bring-self-driving-cars-to-ride-hailing-and-the-masses-11612893367
  20. [20]Nandita Bose, “Analysis: U.S. Labor Secretary’s next move on gig workers likely to include company probes – experts,” Reuters, May 7, 2021, https://www.reuters.com/business/us-labor-secretarys-next-move-gig-workers-likely-include-company-probes-experts-2021-05-07/; Josh Eidelson and Benjamin Penn, “Labor, Gig Companies Near Bargaining Deal in N.Y.,” Bloomberg, May 17, 2021, https://www.bloomberg.com/news/articles/2021-05-18/labor-gig-companies-are-said-to-be-near-bargaining-deal-in-n-y; Sarah Jaffe, “The battle for the future of ‘gig’ work,” Vox, May 18, 2021, https://www.vox.com/the-highlight/22425152/future-of-gig-work-uber-lyft-driving-prop-22; Timothy B. Lee, “Uber, Lyft stocks plunge after Biden official says drivers are employees,” Ars Technica, April 29, 2021, https://arstechnica.com/tech-policy/2021/04/uber-lyft-stocks-plunge-after-biden-official-says-drivers-are-employees/; Eric Morath, “Biden Blocks Trump-Era Gig-Worker Rule,” Wall Street Journal, May 5, 2021, https://www.wsj.com/articles/biden-blocks-trump-era-gig-worker-rule-11620219168
  21. [21]David Benfell, “The corruption of the nonprofits,” Not Housebroken, June 19, 2021, https://disunitedstates.org/2021/06/19/the-corruption-of-the-nonprofits/
  22. [22]Jessica Bursztynsky, “Uber CEO is ‘not happy’ with how long it’s taking to pick riders up or prices being charged,” CNBC, May 25, 2021, https://www.cnbc.com/2021/05/25/uber-ceo-is-not-happy-with-driver-supply-pricing.html; Laura Forman, “Uber and Lyft Need a Sharper Turn,” Wall Street Journal, April 13, 2021, https://www.wsj.com/articles/uber-and-lyft-need-a-sharper-turn-11618311794; Michael Hiltzik, “Uber reneges on the ‘flexibility’ it gave drivers to win their support for Prop. 22,” Los Angeles Times, May 28, 2021, https://www.latimes.com/business/story/2021-05-28/uber-flexibility-prop-22; Mariella Moon, “Uber and Lyft rides are pricier due to a lack of drivers (and the waits are longer, too),” Engadget, June 1, 2021, https://www.engadget.com/uber-lyft-surge-pricing-lack-of-drivers-035835230.html; Faiz Siddiqui, “Where have all the Uber drivers gone?” Washington Post, May 7, 2021, https://www.washingtonpost.com/technology/2021/05/07/uber-lyft-drivers/; Faiz Siddiqui, “You may be paying more for Uber, but drivers aren’t getting their cut of the fare hike,” Washington Post, June 9, 2021, https://www.washingtonpost.com/technology/2021/06/09/uber-lyft-drivers-price-hike/; Alissa Walker, “Why Your Uber Ride Is Suddenly Costing a Fortune,” New York, June 4, 2021, https://www.curbed.com/2021/06/uber-lyft-expensive-new-york-city.html
  23. [23]David Benfell, “About that alleged ‘labor shortage,’” Not Housebroken, June 10, 2021, https://disunitedstates.org/2021/05/09/about-that-alleged-labor-shortage/
  24. [24]Whizy Kim, “Let’s Talk About The Real Reason Ubers Are So Expensive Now,” Refinery29, July 7, 2021, https://www.refinery29.com/en-us/2021/07/10553126/why-uber-fares-expensive-profit-millennials
  25. [25]Rich Alton, “Basic economics means Uber and Lyft can’t rely on driverless cars to become profitable,” MarketWatch, August 12, 2019, https://www.marketwatch.com/story/basic-economics-means-uber-and-lyft-cant-rely-on-driverless-cars-to-become-profitable-2019-08-12; Matthew Beedham, “Uber: Is this the beginning of the end for the ride-hailing Goliath?” Next Web, March 2, 2021, https://thenextweb.com/shift/2021/03/02/uber-is-this-the-beginning-of-the-end-for-the-ride-hailing-goliath/; Eliot Brown, “Uber Wants to Be the Uber of Everything—But Can It Make a Profit?” Wall Street Journal, May 4, 2019, https://www.wsj.com/articles/uber-wants-to-be-the-uber-of-everything-11556909866; Eliot Brown, “Lyft Raises 2019 Revenue Outlook and Sees Smaller Annual Loss,” Wall Street Journal, August 7, 2019, https://www.wsj.com/articles/lyfts-raises-2019-revenue-outlook-and-sees-smaller-annual-loss-11565208387; Eliot Brown, “Uber Posts Its Largest Quarterly Loss,” Wall Street Journal, August 8, 2019, https://www.wsj.com/articles/uber-posts-its-largest-ever-quarterly-loss-11565295373; Megan Rose Dickey, “Uber lays off 435 people across engineering and product teams,” TechCrunch, September 10, 2019, https://techcrunch.com/2019/09/10/uber-lays-off-435-people-across-engineering-and-product-teams/; Richard Durant, “Uber’s Profitability Problem Is Structural,” Seeking Alpha, August 21, 2019, https://seekingalpha.com/article/4287055-ubers-profitability-problem-structural; Ryan Felton, “Uber Is Doomed,” Jalopnik, February 24, 2017, https://jalopnik.com/uber-is-doomed-1792634203; Laura Forman, “Uber, Lyft Face a No-Sharing Economy,” Wall Street Journal, October 26, 2020, https://www.wsj.com/articles/uber-lyft-face-a-no-sharing-economy-11603710180; Edward Helmore, “Will Uber ever make money? 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Today, Insiders Got Their Chance,” Fortune, November 6, 2019, https://fortune.com/2019/11/06/uber-stock-insiders-growth-profit-lockup-period/; Faiz Siddiqui and Greg Bensinger, “Uber’s first day of trading ended deep in the red over gig-economy fears,” Washington Post, May 10, 2019, https://www.washingtonpost.com/technology/2019/05/10/uber-ipo/; Heather Somerville, “Uber Shedding About 350 Jobs to Shore Up Business,” Wall Street Journal, October 14, 2019, https://www.wsj.com/articles/uber-shedding-about-350-jobs-to-shore-up-business-11571092680; Heather Somerville, “Uber Booked Another Quarterly Loss as Revenue Climbed,” Wall Street Journal, November 4, 2019, https://www.wsj.com/articles/uber-booked-another-quarterly-loss-as-revenue-climbed-11572901549; Heather Somerville and Mark Maurer, “Uber Cuts More Than 400 Technical Jobs,” Wall Street Journal, September 10, 2019, https://www.wsj.com/articles/uber-cuts-more-than-400-technical-jobs-11568144111; Georgia Wells, “Uber Cites Tight Competition After Posting $1 Billion Loss,” Wall Street Journal, May 30, 2019, https://www.wsj.com/articles/ubers-first-quarter-loss-tops-1-billion-11559246846; Stephen Wilmot, “Uber’s Long Road to Profits,” Wall Street Journal, August 22, 2019, https://www.wsj.com/articles/ubers-long-road-to-profits-11566471068; Julia Carrie Wong, “Disgruntled drivers and ‘cultural challenges’: Uber admits to its biggest risk factors,” Guardian, April 12, 2019, https://www.theguardian.com/technology/2019/apr/11/uber-ipo-risk-factors; Michael Wursthorn, “Lyft Shares Rally on Hopes Price Increases Will Drive Profit,” Wall Street Journal, August 26, 2019, https://www.wsj.com/articles/lyft-shares-rally-on-hopes-price-increases-will-drive-profits-11566845457
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