Lyft IPO

[CosmicCowboy]

this shit makes no sense.

Lyft lost almost a BILLION dollars last year.

The IPO after the first day bump valued them at 30 BILLION.

Meanwhile, drivers in LA just went on a one day strike because Lyft cut their compensation from 80 cents a mile to 60 cents a mile.

How the fuck can they pay for a decent car and insurance and make any money at 60 cents a mile?

why would anyone drive for them and lose money?

Do any of you guys drive a ride share?

Can anyone explain this to me?

[CosmicCowboy]

And understand...I like using ride share (usually uber black) but don't understand how Lyft is possibly worth 30 Billion.

[CosmicCowboy]

https://newsroom.aaa.com/wp-content/uploads/2013/04/Your-Driving-Costs-infographic.jpg

[Will Hunting]

this shit makes no sense.

Lyft lost almost a BILLION dollars last year.

The IPO after the first day bump valued them at 30 BILLION.

Meanwhile, drivers in LA just went on a one day strike because Lyft cut their compensation from 80 cents a mile to 60 cents a mile.

How the fuck can they pay for a decent car and insurance and make any money at 60 cents a mile?

why would anyone drive for them and lose money?

Do any of you guys drive a ride share?

Can anyone explain this to me?
I’m with you completely. Lyft and Uber are basically fighting with each other in a race to the bottom. Even at 80 cents on the mile it’s a money losing proposition, the mileage reimbursement you’d get in a normal job is I believe around 55 cents a mile, and the extra 25 cents (especially in fucking LA where the traffic is a nightmare and there’s a high cost of living) isn’t enough to compensate you for your time.

The drivers are largely shmucks who don’t understand the real cost of driving.

IMO they should just charge more and not have tipping, I hate the fact that tips are now expected. I can only speak for myself but the reason I use Uber/Lyft over taxis is purely for convenience and not because it’s cheaper. When I’m drunk and trying to get back to my apartment at 1:30 in the morning I could give a fuck about the cost.

[Chucho]

Holy shit. I'd take a million bucks in some random penny stock and feel safer than a million bucks in Lyft stock.

[Blake]

Seems like I was making more way back delivering pizzas than these people make driving Uber/Lyft. It was minimum wage plus a buck per delivery plus tips. I think it was about 3 deliveries an hour on weekend nights.

And I'd rather have pizza smell in my car than cleaning up backseat drunk puke at 3am

[RandomGuy]

And understand...I like using ride share (usually uber black) but don't understand how Lyft is possibly worth 30 Billion.

Bubble. About the only explanation I can think of.

[Chucho]

Seems like I was making more way back delivering pizzas than these people make driving Uber/Lyft. It was minimum wage plus a buck per delivery plus tips. I think it was about 3 deliveries an hour on weekend nights.

And I'd rather have pizza smell in my car than cleaning up backseat drunk puke at 3am

Beyond the puke, having random drunks and the typical drunk personality and having to listen/interact with them isn't worth it at all.

[Pavlov]

Bubble. About the only explanation I can think of.I think expectations surrounding driverless cars is somewhere in there, but both Uber and Lyft's burn rates are still pretty alarming after all this time. It's never going to get better for the drivers.

[spurraider21]

usually uber black
Lol

[CosmicCowboy]

Lol

Not sure why that is funny. Usually traveling to the airport with family and luggage. Uber Black SUV's work best. Don't need some guy in a 10 year old ratty Prius showing up when there are 4 people and half a dozen suitcases.

[SpursforSix]

Not sure why that is funny. Usually traveling to the airport with family and luggage. Uber Black SUV's work best. Don't need some guy in a 10 year old ratty Prius showing up when there are 4 people and half a dozen suitcases.

Says the guy who eats at Luby's because he can't afford parking at the other places.

[CosmicCowboy]

Says the guy who eats at Luby's because he can't afford parking at the other places.

Yeah, like I can't afford those other places, Mr. Big Time :lol

Driving/Parking downtown in a 26 foot long pickup is just a pain in the ass.

[SpursforSix]

Yeah, like I can't afford those other places, Mr. Big Time :lol

Driving/Parking downtown is just a pain in the ass.

Says the guy who thinks that cows don't fart

[CosmicCowboy]

tired schtick, shithead.

[spurraider21]

Not sure why that is funny. Usually traveling to the airport with family and luggage. Uber Black SUV's work best. Don't need some guy in a 10 year old ratty Prius showing up when there are 4 people and half a dozen suitcases.
making sure we all know you pick the expensive option even when there was no contextual reason to let us know about it

[CosmicCowboy]

making sure we all know you pick the expensive option even when there was no contextual reason to let us know about it

Sorry it made you feel insecure.

[boutons_deux]

U/L drivers don't lose money (although some trips come very close), but they generally like the gross that they pocket without worrying about their net after deducting $0.50 to $0.60 TCO.

An indication of how desperate some drivers are for money, they cash out daily rather than wait until the following week for last week's total.

Uber has lost $4B/year for last few years, and Lyft has lost nearly $1/B year for a couple years.

Lyft admitted in it IPO filing a bunch of red flags that would normally scare investors away, like it can't predict when it will be profitable.

I bet Uber will admit essentially the same, although CEO said last year that Uber could be profitable whenever it wanted (but prefers to keep losing $4B/year?)

On a $10 fare, U/L will keep 40%+. I took one trip in SFO where the Lyft driver got $5.30 of my $10 fare. Similarly repeated on four other Lyft rides I took on the SA-SFO trip.

[spurraider21]

Sorry it made you feel insecure.
it didnt. i found it funny. which is why i said lol

[boutons_deux]

there's been a lot of studies of the rideshare business, polls of drivers.

About 2/3 of Uber drivers quit after 6 months, is why U/L left Austin when Austin passed b/g checks for drivers.

U/L's driver churn is so great that U/L cannot accept the on-boarding barrier and $$$ of b/g checks, finger-printing of drivers.

[SpursforSix]

tired schtick, shithead.

just say you were wrong and we can stop the tired schtick

[spurraider21]

just say you were wrong and we can stop the tired schtick
DID YOU SEE POST #34235?

[SpursforSix]

DID YOU SEE POST #34235?

:lol

[Nbadan]

Prices per mile to riders needs to go WAY up before either Lyft/Uber become profitable. Taxi rides aren't cheap. There is a reason for that.

[CosmicCowboy]

just say you were wrong and we can stop the tired schtick

I already did, shithead. I clearly corrected and posted an article that said 95% of bovine methane came from belches and 5% came from farts. But keep clinging to your pathetic fart schtick.

[SpursforSix]

I already did, shithead. I clearly corrected and posted an article that said 95% of bovine methane came from belches and 5% came from farts. But keep clinging to your pathetic fart schtick.

:lol

[Millennial_Messiah]

Prices per mile to riders needs to go WAY up before either Lyft/Uber become profitable. Taxi rides aren't cheap. There is a reason for that.

Correct. People need to get their own car tbh or just use mass transit. Uber, Lyft, and the rest of their kind are going to go out of business in the next several years. There will still be yellow taxis, but like you said they aren't cheap.

[phxspurfan]

Yeah, like I can't afford those other places, Mr. Big Time :lol

Driving/Parking downtown in a 26 foot long pickup is just a pain in the ass.

Just park across 3 spaces like the typical truck driver

[Millennial_Messiah]

Seems like I was making more way back delivering pizzas than these people make driving Uber/Lyft. It was minimum wage plus a buck per delivery plus tips. I think it was about 3 deliveries an hour on weekend nights.

And I'd rather have pizza smell in my car than cleaning up backseat drunk puke at 3am

The best thing to do is never use your own car for any deliveries, rideshares etc. Use a company rental or just rent a car.

[Millennial_Messiah]

I’m with you completely. Lyft and Uber are basically fighting with each other in a race to the bottom. Even at 80 cents on the mile it’s a money losing proposition, the mileage reimbursement you’d get in a normal job is I believe around 55 cents a mile, and the extra 25 cents (especially in fucking LA where the traffic is a nightmare and there’s a high cost of living) isn’t enough to compensate you for your time.

The drivers are largely shmucks who don’t understand the real cost of driving.

IMO they should just charge more and not have tipping, I hate the fact that tips are now expected. I can only speak for myself but the reason I use Uber/Lyft over taxis is purely for convenience and not because it’s cheaper. When I’m drunk and trying to get back to my apartment at 1:30 in the morning I could give a fuck about the cost.

Just drive home or get a friend/family member to pick you up if you're way too drunk. Your bank account will thank you later.

[Nbadan]

Correct. People need to get their own car tbh or just use mass transit. Uber, Lyft, and the rest of their kind are going to go out of business in the next several years. There will still be yellow taxis, but like you said they aren't cheap.

I think Uber/Lyft plan all along was to drive taxi companies out of business and then raise prices when riders have no other choices.

[SpursforSix]

Just drive home or get a friend/family member to pick you up if you're way too drunk. Your bank account will thank you later.

Some chick just got murdered getting into some dude's car who she thought was her Uber driver. In Dallas I think.
From what it looks like, the dude pulled up and waited like he was the actual driver.

[Blake]

The best thing to do is never use your own car for any deliveries, rideshares etc. Use a company rental or just rent a car.

A rent a car for pizza delivery?

:lmao

[Millennial_Messiah]

A rent a car for pizza delivery?

:lmao
Pizza delivery driver is a Top 5 worst job, easily. Haven't you seen all the true stories about it on Youtube and the like?

I don't recommend that shitty job to anyone. For the customers, just fucking drive there you lazy bums.

[Will Hunting]

Just drive home or get a friend/family member to pick you up if you're way too drunk. Your bank account will thank you later.
:lol you’re one low rent motherfucker

[boutons_deux]

I think Uber/Lyft plan all along was to drive taxi companies out of business and then raise prices when riders have no other choices.

no uber's plan was to price so low to preclude competition

when lyft got going, uber dirty tricked them in NYC

[Blake]

Pizza delivery driver is a Top 5 worst job, easily. Haven't you seen all the true stories about it on Youtube and the like?

I don't recommend that shitty job to anyone. For the customers, just fucking drive there you lazy bums.

You're moving the gp. You said "the best thing to do for deliveries is to rent a car"

[Millennial_Messiah]

:lol you’re one low rent motherfucker

I go around masquerading as someone low middle class so I'm not a target for theft.

[Millennial_Messiah]

You're moving the gp. You said "the best thing to do for deliveries is to rent a car"
Find a pizza chain that will let you use their delivery vehicle, or don't take that shitty job. Never, ever, use your own car for a shitty low wage job.

[Blake]

Find a pizza chain that will let you use their delivery vehicle, or don't take that shitty job. Never, ever, use your own car for a shitty low wage job.

You said "just rent a car"

For pizza delivery

[DMC]

I go around masquerading as someone low middle class so I'm not a target for theft.

Works well, I am convinced.

[DMC]

You said "just rent a car"

For pizza delivery
You're delivering pizzas for a living? No wonder the bitch found another set of balls to ride.

[Millennial_Messiah]

Works well, I am convinced.

I suppose I'm the antithesis of the hood niggas that buy a shiny BMW with lit up wheels after they get their first score from a drug deal.


You're delivering pizzas for a living? No wonder the bitch found another set of balls to ride.

Yup

[DMC]

I suppose I'm the antithesis of the hood niggas that buy a shiny BMW with lit up wheels after they get their first score from a drug deal.



Yup

If their first drug score nets them money to buy a BMW with custom wheels, that's one hell of a start.

[Blake]

You're delivering pizzas for a living? No wonder the bitch found another set of balls to ride.

This is why you get shit on in so many threads. Your reading comprehension blows.

[Millennial_Messiah]

If their first drug score nets them money to buy a BMW with custom wheels, that's one hell of a start.

Okay then, maybe their first month of drug scores. Before their over-the-top Christian, Aretha-grooving parents kick them out of the house for being a hood nigga.

[BD24]

I go around masquerading as someone low middle class so I'm not a target for theft.
Masquerading :lol
Andy pretending he doesn’t make 12 an hour at BB&B

[Millennial_Messiah]

Masquerading :lol
Andy pretending he doesn’t make 12 an hour at BB&B

That joke is funny to me because it's so not true. Keep dreaming. I made $11 an hour as a dishwasher in the summer of 2011 at the same time I was making $9 an hour at Starbucks. So there's that.

[RandomGuy]

I think expectations surrounding driverless cars is somewhere in there, but both Uber and Lyft's burn rates are still pretty alarming after all this time. It's never going to get better for the drivers.

Agreed. At some point they will have gone through everyone that is stupid enough to sign up, but smart enough not to stay. THere aren't enough idiots out therre for their business model to be sustainable.

[DarrinS]

Fuck driverless cars, tbh. I work in the AI space. It ain't ready.

[DarrinS]

Planes would be easier. You've seen how that can go bad.

[Winehole23]

offloading risk from venture capitalists to retail investors?


Uber Technologies Inc has 91 million users, but growth is slowing and it may never make a profit, the ride-hailing company said on Thursday in its IPO filing.


Uber lost $3.03 billion in 2018 from operations.


Uber had not disclosed the latest user numbers before, and the figure indicates the scale of the business. Although its user base includes customers of other services and ride-sharing, the number is nearly five times the 18.6 million announced by rival Lyft Inc.

Uber in 2018 had $11.3 billion revenue, up around 42 percent over 2017, but below the 106 percent growth the prior year.
https://www.reuters.com/article/us-uber-ipo/uber-unveils-ipo-with-warning-it-may-never-make-a-profit-idUSKCN1RN2SK

[Ragin Cajun]

Correct. People need to get their own car tbh or just use mass transit. Uber, Lyft, and the rest of their kind are going to go out of business in the next several years. There will still be yellow taxis, but like you said they aren't cheap.

LOL thinking taxis will be around and Uber/Lyft will go away. Unless taxis change to a model more similar to Uber/Lyft they will slowly die.

[CosmicCowboy]

Waymo will be the one that survives. google will have the 3D mapping down for self driving cars in a few years and will kill the rest.

[Millennial_Messiah]

LOL thinking taxis will be around and Uber/Lyft will go away. Unless taxis change to a model more similar to Uber/Lyft they will slowly die.

Taxis are still >>>>>>>>> Uber/Lyft in NYC, at least the part of Midtown Manhattan where I lived last spring

[Ragin Cajun]

Taxis are still >>>>>>>>> Uber/Lyft in NYC, at least the part of Midtown Manhattan where I lived last spring

Uh, no. Apparently you haven't seen what happened to the value of medallions in NYC.

[Ragin Cajun]

https://www.npr.org/2018/10/15/656595597/cities-made-millions-selling-taxi-medallions-now-drivers-are-paying-the-price

[Millennial_Messiah]

Uh, no. Apparently you haven't seen what happened to the value of medallions in NYC.

Every street I walked around there were hot Italian looking brunettes around my age with their thumb up for one of the 6 yellow cabs lined up at each stop light.

[SpursforSix]

Every street I walked around there were hot Italian looking brunettes around my age with their thumb up for one of the 6 yellow cabs lined up at each stop light.

What did they think about your diarrhea stains?

[Millennial_Messiah]

What did they think about your diarrhea stains?

I didn't talk to them. I probably should have, given that I had my own one bedroom apartment, decent for NYC standards. But my hair was too long back then. I basically looked like a generic emo fag without the makeup, piercings, tats or blackwear.

Definely not dago wop guido enough to score a pizza-cookin' lady.

[Blake]

LOL thinking taxis will be around and Uber/Lyft will go away. Unless taxis change to a model more similar to Uber/Lyft they will slowly die.

I don't know about that tbh. I think with regulations and background checks being more and more of a thing, Uber/Lyft may need to a model more similar to taxi companies.

[Winehole23]

Prop 22 goes down

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[Winehole23]

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