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Reuters
Uber to Wall Street: We’re not Lyft
(Reuters) -Uber Technologies Inc on Wednesday said it had no need to boost incentives further to lure more drivers and forecast a strong second quarter, a day after rival Lyft said it needed to spend more for labor in the coming months. The ride hail giant brought forward its results to Wednesday morning from the afternoon after Lyft Inc shares sank 26% on Tuesday when its projected operating earnings fell short of expectations on higher driver pay, dragging down Uber’s stock in its wake. Uber shares dropped 9% in early trading, as analysts said investors were moving out of stocks of loss-making companies whose consumer-facing businesses could come under further pressure as inflation rises.
