Aug 2, 2022
Uber attracts record number of drivers as cost of living bites
The number of people driving for Uber has hit an all time high, as concerns about the rising cost of living push people to find new ways to make money. Uber has been struggling with a driver shortage since the pandemic, leading to longer waiting times for customers. In many countries, including key markets such as the US, Uber classifies drivers as self-employed contractors, meaning they are not entitled to benefits such as minimum wage or holiday pay. Uber has said drivers value the flexibility to choose their own schedules. The numbers suggest a path for Uber to become profitable, despite inflationary pressures and lingering driver shortages in some cities, said Dan Ives, analyst at Wedbush Securities.
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