Legislative challenges in Minnesota have highlighted the ongoing struggles of ride-hailing leaders Uber Technologies (NYSE: UBER) and Lyft (NASDAQ: LYFT), prompting investors to question the companies' viability as top stock picks in the near term.

As Uber and Lyft navigate new regulations, their current strategies and financial performance give some insight into the potential for long-term growth. Let's look at why these companies remain strong picks for 2024.

Uber's financial results for the first quarter of 2024 demonstrate its robust market position. The company reported gross bookings of $37.7 billion, a 20% year-over-year increase.

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Source Fool.com