The Surprising Difference in How Uber and Lyft Spend Money
It's curious. A week ago, ride-hailing outfit Lyft (NASDAQ: LYFT) warned its investors to brace for higher costs. Namely, the company intends to pay its drivers more in an effort to attract them, and then keep them active. Then, just this week, Lyft rival Uber Technologies (NYSE: UBER) suggested it will be cutting costs, particularly scrutinizing its payroll expenses. As CEO Dara Khosrowshahi reportedly put it in a letter to Uber's employees, "We will treat hiring as a privilege and be deliberate about when and where we add headcount."
Given their similarities, one would expect both companies to (more or less) be in the same proverbial boat.
Image source: Getty Images.
Source Fool.com
