![]() Theane Evangelis, a lawyer for Uber, said in a statement that Monday's ruling conflicts with the Viking River decision and violates a federal law that requires enforcing valid arbitration agreements. Supreme Court ruling involving Viking River Cruises that said companies could force individual PAGA claims into arbitration, and could mean that California employers will face more large-scale lawsuits. The decision likely undermines the significance of a 2022 U.S. The California Supreme Court said nothing in that law bars workers from pursuing claims on their own behalf in arbitration while separately litigating large-scale claims in court. The rest goes to the state to fund an agency that enforces labor laws. CNN Sans ™ & © 2016 Cable News Network.A unique California law called the Private Attorney General Act, or PAGA, allows workers to sue for employment law violations on behalf of the state and keep one-quarter of any money they win. Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account Lyft is set to report quarterly earnings next week on Tuesday. Uber has so far navigated its pandemic recovery far better than its chief rival, Lyft. “Uber continues to drive incremental profitability, demonstrating its ability to efficiently run the broader business and drive positive results,” Schackart added. In a note Tuesday morning, William Blair analyst Ralph Schackart touted how the strong results this past quarter were “driven by continued execution, robust engagement, and record audience levels using the platform.” Uber stock has roughly doubled since the start of the year. Shares for Uber climbed by some 4% in pre-market trading Tuesday morning as the company offered rosy guidance. “I know that I speak for the entire company that we’re grateful for everything he’s done to establish such a strong foundation for a path forward.” “Nelson has been a huge part of Uber’s transformation over the past five years,” Khosrowshahi said on the analysts’ call. ![]() Uber also announced Tuesday that Chief Financial Officer Nelson Chai will leave the company next January, and a search for his replacement is underway. Uber will now let teens ride in cars alone is expected to release earnings figures on May 2. Uber headquarters in San Francisco, California, US, on Thursday, April 27, 2023. On the call, the chief executive touted “a new all-time high of $15.1 billion in total earnings for drivers and couriers on the platform” that was seen last quarter. Trips during the quarter grew 22% to 2.3 billion, or approximately 25 million trips per day on average. Uber also said gross bookings (the amount paid by customers) surged 16% year over year to $33.6 billion. “But we knew they were wrong about Uber, as did many of our investors who backed us over the years.” “For most of our history, ‘profitable’ wasn’t the first thing that came up when you ask someone about Uber,” CEO Dara Khosrowshahi said on a call with analysts Tuesday morning. It also posted record quarterly free cash flow of $1.1 billion. The company reported its first-ever unadjusted operating profit of $326 million. The number of trips customers took were up 22% in the quarter. The company on Tuesday reported revenue of $9.2 billion for the quarter ending in June, a 14% increase from the same period last year, just missing Wall Street’s estimates. Uber has reported that its revenue ticked up 14% last quarter, marking a slower pace of growth than recent quarters when sales surged as riders returned to pre-pandemic habits.
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