Uber Technologies is trying to distance itself from rival Lyft . Boss Dara Khosrowshahi on Wednesday said the ride-hailing firm doesn’t have to pump up investment to entice drivers to join the platform. That contrasts with Lyft, which on Tuesday said it would have to spend more heavily to attract those behind the wheel. Lyft’s market value dropped by a third on Wednesday morning to $7 billion. But shares in the much larger Uber still fell some 10%.
to attract those behind the wheel. Lyft’s market value dropped by a third on Wednesday morning to $7 billion. But shares in the much larger Uber still fell some 10%.
Khosrowshahi is hawking Uber’s diversified business, which includes delivering food as well as people, as a key factor in attracting drivers by giving them more paths to earn money. That helps smooth out the ride, but only a bit. After Wednesday’s drop, Uber’s enterprise value of $57 billion is 1.7 times expected sales for 2023, according to Refinitiv estimates. Lyft trades on one times next year’s revenue. Uber is firmly in the lead, but for both companies the road remains bumpy.
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