Latest news with #PriceLockPass
The Star
3 days ago
- Business
- The Star
Uber bets on loyalty program to drive growth, unveils $20 billion buyback plan
(Reuters) -Uber unveiled a $20 billion stock buyback program and forecast its third-quarter bookings above Wall Street estimates on Wednesday, as the ride-hailing and delivery services company benefits from growing adoption of its paid loyalty program. The company said members for its $9.99 "Uber One" program jumped 60% in June to more than 36 million from a year earlier, and more than one-third of its bookings were coming from them. These users are crucial for Uber as they engage with both its services, generating more than three times the profit compared to that from users who use just one service. To draw more people to the loyalty program, Uber held a week-long event in May that offered discounts and deals across rides, food delivery and groceries. The company added half a million users over the course of the week, Uber said on Wednesday. Its shares were down about 1.5% in premarket trading after initial volatility following the results. The stock, which is one of the top performing stocks on the S&P 500 index , has surged 48% this year. Both Uber and rival Lyft, which reports results after markets close, are under investor pressure to prove that they can maintain growth even as the North American ride-hailing market saturates. Uber expects current-quarter gross bookings, a measure of the total dollar value of transactions, to be between $48.25 billion and $49.75 billion, while analysts' estimate $47.3 billion, according to data compiled by LSEG. The forecast followed a better-than-expected 18.2% jump in gross bookings in the second quarter that was powered by a 24.6% rise at Uber's delivery business and an 18.8% growth in its mobility unit. Uber benefited in the June quarter from increased commuter demand during weekdays, with riders using its "Price Lock Pass" to take over six additional monthly commute trips on average. The subscription, which offers fixed pricing on selected routes for $2.99 a month, is part of Uber's broader strategy to drive habitual usage, and is now available in more than 10 major cities across the U.S. and Brazil. Uber's second-quarter net income rose to 63 cents per share from 47 cents a year earlier, in line with estimates, according to data compiled by LSEG. The company expects adjusted core profit of $2.19 billion to $2.29 billion for the current quarter, largely above analysts' average estimate of $2.22 billion. Uber, which does not own technology for robotaxis, is betting on partnerships in the sector to boost growth in its mobility segment in the coming years. The company now has more than 20 tie-ups in the hotly contested self-driving technology space, including its latest partnership for self-driving vehicles with electric-vehicle maker Lucid and startup Nuro. Uber's latest buyback program adds to the $7 billion authorization announced in early 2024. (Reporting by Akash Sriram in Bengaluru; Editing by Shinjini Ganguli)
Time of India
15-05-2025
- Business
- Time of India
Uber bets on affordability with shared fixed-route rides, expanded passes
Uber Technologies on Wednesday unveiled a range of new offerings such as shared fixed-route rides and expanded membership passes, targeting consumers seeking cost-effective ways to travel. The ride-sharing app has been looking to invest in more affordable transport and delivery offerings to widen its user base and combat slowing revenue growth in an uncertain economic environment. Uber's new "Route Share" ride option will cost half as much as the company's UberX ride-hail service, by providing pickups every 20 minutes along busy commute corridors. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Air conditioners without external unit. (click to see prices) Air Condition | Search Ads Search Now Undo Initially available in cities such as New York, San Francisco and Chicago, Route Share will operate during weekday rush hours and Uber is considering partnering with employers to integrate pre-tax commuter benefits. The company is also expanding ride passes that help users lock-in lower fares and keep costs predictable. Live Events These ride passes will be available in major U.S. cities such as Chicago, Dallas, and San Francisco, and will be expanded to teen accounts later this year. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Uber unveiled Price Lock Pass for $2.99 in February and it was initially available in a few U.S. markets. The feature will now be available across several cities in the United States and expand throughout the country and Brazil this year, the company said. The company had announced a partnership with Volkswagen to deploy a fleet of thousands of the German automaker's fully electric ID. Buzz AD vehicles as robotaxis next year. The vehicles will also be used for shared self-driving taxi rides. Uber is also scaling its tie-up with Waymo in Austin, aiming to increase the number of robotaxis to hundreds of vehicles in the coming months.
Yahoo
14-05-2025
- Business
- Yahoo
Taking an Uber to work? Your next ride might be cheaper
Uber is launching a new service called Route Share, a carpool-like option aimed at budget-conscious commuters. Route Share will function somewhat like a commuter shuttle: 'consistent and frequent pickup options along direct routes,' running every 20 minutes during the peak commute hours of 6 to 10 a.m. and 4 to 8 p.m. on weekdays. Commuters will walk a 'short distance' to designated pickup and drop-off points, and they may share rides with up to two additional passengers, Uber said in its announcement Wednesday. The service will launch in seven major cities, including New York City, San Francisco and Chicago, before expanding nationwide. Uber says Route Share will save commuters up to 50% compared to the private-ride UberX service — notably higher than the existing UberPool pooled rides option, which is an average 20% savings, the company's website says. The company is also rolling out two new ride passes aimed at reducing costs for riders. The Price Lock Pass, launching Wednesday in select cities for $2.99 a month, lets users lock in a price in advance for up to 10 routes. And a Prepaid Pass launching this summer will offer discounts on bundles of five, ten, 15 or 20 rides paid in advance. The announcements come one week after Uber's quarterly earnings call, on which Uber CEO Dara Khosrowshahi said the company is focused on serving price-sensitive riders — while also boosting usage during peak commute hours. The new features also align with the company's broader goal of competing with public transportation, giving Uber another way to serve its core market of commuting city dwellers. Meanwhile Uber is leaning on other offerings like Uber Reserve — a feature that allows riders to schedule a trip up to 90 days in advance — to expand in the suburbs. Khosrowshahi said in his prepared earnings remarks that the company is seeing suburban customers 'increasingly turn to Reserve as the primary way they use Uber.' For the city dwellers, Route Share will allow riders the flexibility to book a seat anywhere from ten minutes to seven days in advance. Uber is exploring partnerships to make the service eligible for pretax commuter benefits, another factor that could make it appealing to the 9-5 crowd. The move builds on Uber's previous budget-friendly efforts such as Uber Shuttle, which launched last year and lets riders book up to five seats for group rides to events or the airport at a lower price. It also comes as consumer confidence has recently fallen to its lowest level since May 2020, meaning commuters could be looking to spend less on transportation.
CNN
14-05-2025
- Business
- CNN
Uber is launching a cheaper new carpool option for the rush hour crowd
Uber is launching a new service called Route Share, a carpool-like option aimed at budget-conscious commuters. Route Share will function somewhat like a commuter shuttle: 'consistent and frequent pickup options along direct routes,' running every 20 minutes during the peak commute hours of 6 to 10 a.m. and 4 to 8 p.m. on weekdays. Commuters will walk a 'short distance' to designated pickup and drop-off points, and they may share rides with up to two additional passengers, Uber said in its announcement Wednesday. The service will launch in seven major cities, including New York City, San Francisco and Chicago, before expanding nationwide. Uber says Route Share will save commuters up to 50% compared to the private-ride UberX service — notably higher than the existing UberPool pooled rides option, which is an average 20% savings, the company's website says. The company is also rolling out two new ride passes aimed at reducing costs for riders. The Price Lock Pass, launching Wednesday in select cities for $2.99 a month, lets users lock in a price in advance for up to 10 routes. And a Prepaid Pass launching this summer will offer discounts on bundles of five, ten, 15 or 20 rides paid in advance. The announcements come one week after Uber's quarterly earnings call, on which Uber CEO Dara Khosrowshahi said the company is focused on serving price-sensitive riders — while also boosting usage during peak commute hours. The new features also align with the company's broader goal of competing with public transportation, giving Uber another way to serve its core market of commuting city dwellers. Meanwhile Uber is leaning on other offerings like Uber Reserve — a feature that allows riders to schedule a trip up to 90 days in advance — to expand in the suburbs. Khosrowshahi said in his prepared earnings remarks that the company is seeing suburban customers 'increasingly turn to Reserve as the primary way they use Uber.' For the city dwellers, Route Share will allow riders the flexibility to book a seat anywhere from ten minutes to seven days in advance. Uber is exploring partnerships to make the service eligible for pretax commuter benefits, another factor that could make it appealing to the 9-5 crowd. The move builds on Uber's previous budget-friendly efforts such as Uber Shuttle, which launched last year and lets riders book up to five seats for group rides to events or the airport at a lower price. It also comes as consumer confidence has recently fallen to its lowest level since May 2020, meaning commuters could be looking to spend less on transportation.
CNN
14-05-2025
- Business
- CNN
Uber is launching a cheaper new carpool option for the rush hour crowd
Uber is launching a new service called Route Share, a carpool-like option aimed at budget-conscious commuters. Route Share will function somewhat like a commuter shuttle: 'consistent and frequent pickup options along direct routes,' running every 20 minutes during the peak commute hours of 6 to 10 a.m. and 4 to 8 p.m. on weekdays. Commuters will walk a 'short distance' to designated pickup and drop-off points, and they may share rides with up to two additional passengers, Uber said in its announcement Wednesday. The service will launch in seven major cities, including New York City, San Francisco and Chicago, before expanding nationwide. Uber says Route Share will save commuters up to 50% compared to the private-ride UberX service — notably higher than the existing UberPool pooled rides option, which is an average 20% savings, the company's website says. The company is also rolling out two new ride passes aimed at reducing costs for riders. The Price Lock Pass, launching Wednesday in select cities for $2.99 a month, lets users lock in a price in advance for up to 10 routes. And a Prepaid Pass launching this summer will offer discounts on bundles of five, ten, 15 or 20 rides paid in advance. The announcements come one week after Uber's quarterly earnings call, on which Uber CEO Dara Khosrowshahi said the company is focused on serving price-sensitive riders — while also boosting usage during peak commute hours. The new features also align with the company's broader goal of competing with public transportation, giving Uber another way to serve its core market of commuting city dwellers. Meanwhile Uber is leaning on other offerings like Uber Reserve — a feature that allows riders to schedule a trip up to 90 days in advance — to expand in the suburbs. Khosrowshahi said in his prepared earnings remarks that the company is seeing suburban customers 'increasingly turn to Reserve as the primary way they use Uber.' For the city dwellers, Route Share will allow riders the flexibility to book a seat anywhere from ten minutes to seven days in advance. Uber is exploring partnerships to make the service eligible for pretax commuter benefits, another factor that could make it appealing to the 9-5 crowd. The move builds on Uber's previous budget-friendly efforts such as Uber Shuttle, which launched last year and lets riders book up to five seats for group rides to events or the airport at a lower price. It also comes as consumer confidence has recently fallen to its lowest level since May 2020, meaning commuters could be looking to spend less on transportation.
