Followers | 681 |
Posts | 141464 |
Boards Moderated | 35 |
Alias Born | 03/10/2004 |
Monday, October 17, 2022 9:04:18 AM
By: Investing.com | October 17, 2022
(Reuters) - Lyft Inc (NASDAQ:LYFT) is increasing the service fee its U.S. riders pay directly to the company to cover higher insurance costs, the ride-hailing firm said.
The increase averages less than 50 cents per trip nationally, a Lyft spokesperson said. The company pays for drivers' insurance when they are working on its platform.
"Lyft is facing insurance inflation pressures and we've nominally increased service fees to help offset these costs," the spokesperson said in an emailed statement.
New data from YipitData showed Lyft increased its published service fee for rides in virtually all U.S. markets in the first week of October, including around 150 markets expect for New York.
The service fee went up by an average of about 60 cents, implying a 3% increase in the cost of an average ride, and an 18% increase in the service fee, according to YipitData.
Graphic: Lyft's service fee spikes in October - https://graphics.reuters.com/LYFT-FARES/akvezdkkrpr/chart.png
The service fee, which goes directly to Lyft, is an additional fee added on a per-ride basis that covers certain operating costs and safety measures such as insurance and background checks.
Lyft added a 55-cent surcharge earlier this year that went directly to the driver to help drivers deal with the higher gas prices that have been eating into their earnings. The program was stopped in late September.
Lyft now offers up to 7% cash back when drivers pay for gas with Lyft Direct debit card.
"The price the consumer pays shouldn't change very much on the basis of these two changes, but it might change the amount Lyft takes as revenue versus the amount the driver takes," YipitData analysts said.
"Since the fuel surcharge went directly to drivers and the service fee goes directly to Lyft, it suggests that Lyft would take more of each fare, assuming no changes to the other fare components."
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
Recent LYFT News
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 05/20/2024 08:42:16 PM
- Walmart Corporate Job Cuts and Office Centralization, GameStop and AMC Surge, and More News • IH Market News • 05/14/2024 11:26:02 AM
- Choppy Trading Likely To Persist On Wall Street • IH Market News • 05/09/2024 01:08:04 PM
- Dow Extends Winning Streak Amid Another Lackluster Session • IH Market News • 05/08/2024 08:42:00 PM
- Reddit Rises 15% After First Quarterly Report, Upstart and Twilio Plunge Due to Weak Q2 Forecast, and More in Earnings • IH Market News • 05/08/2024 12:23:27 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/07/2024 08:07:27 PM
- Lyft Announces Results for First Quarter 2024 • Business Wire • 05/07/2024 08:05:00 PM
- U.S. Index Futures Mixed in Pre-Market Tuesday, Oil Dip • IH Market News • 05/07/2024 11:47:40 AM
- Lyft To Announce First Quarter 2024 Financial Results • Business Wire • 04/18/2024 08:05:00 PM
- Paramount Global Board Shrinks, Morgan Stanley Faces Regulatory Probe, and More News • IH Market News • 04/12/2024 11:05:29 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/06/2024 12:48:11 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/05/2024 02:12:04 AM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/01/2024 10:01:04 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/29/2024 11:03:33 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/28/2024 09:07:37 PM
- Lyft Announces Pricing of Offering of $400 million of Convertible Senior Notes • Business Wire • 02/23/2024 06:08:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/23/2024 02:21:05 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/23/2024 02:18:59 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/21/2024 10:07:44 PM
- Lyft Announces Private Offering of $400 million of Convertible Senior Notes • Business Wire • 02/21/2024 10:03:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/20/2024 11:00:23 PM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 02/20/2024 11:27:46 AM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 02/20/2024 11:03:43 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/17/2024 01:45:31 AM
- Lyft CFO to Participate in Fireside Chat Hosted by Morgan Stanley • Business Wire • 02/15/2024 09:24:00 PM
"Defo's Morning Briefing" Set to Debut for "GreenliteTV" • GRNL • May 21, 2024 2:28 PM
North Bay Resources Announces 50/50 JV at Fran Gold Project, British Columbia; Initiates NI 43-101 Resources Estimate and Bulk Sample • NBRI • May 21, 2024 9:07 AM
Greenlite Ventures Inks Deal to Acquire No Limit Technology • GRNL • May 17, 2024 3:00 PM
Music Licensing, Inc. (OTC: SONG) Subsidiary Pro Music Rights Secures Final Judgment of $114,081.30 USD, Demonstrating Strength of Licensing Agreements • SONGD • May 17, 2024 11:00 AM
VPR Brands (VPRB) Reports First Quarter 2024 Financial Results • VPRB • May 17, 2024 8:04 AM
ILUS Provides a First Quarter Filing Update • ILUS • May 16, 2024 11:26 AM