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MarketScreener Homepage  >  Equities  >  Nyse  >  Uber Technologies, Inc.    UBER

UBER TECHNOLOGIES, INC.

(UBER)
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Uber Technologies : California court says Uber, Lyft drivers are employees

10/22/2020 | 09:57pm EST

SAN FRANCISCO — A California appeals court on Thursday upheld an order requiring Uber and Lyft to treat their California drivers as employees instead of independent contractors, less than two weeks before voters will be asked to exempt the ride-hailing giants from the state's gig economy law.

The decision won't have any immediate impact because it doesn't take effect for at least 30 days, well after the Nov. 3 vote on Proposition 22.

Uber and Lyft — who along with DoorDash have heavily bankrolled the ballot measure — had appealed an August preliminary injunction by a San Francisco judge. But the appellate ruling found “no legal error" and allowed it to stand.

“We conclude that the injunction was properly issued in accordance with enduring principles of equity,” the 74-page ruling said. “It is broad in scope, no doubt, but so too is the scale of the alleged violations."

Uber and Lyft issued statements noting that the ruling doesn't take immediate affect and urging voters to approve Prop. 22. Lyft also said it also is considering appealing to the California Supreme Court.

Together, the two companies have more than 400,000 drivers in California.

The decision came in a lawsuit filed by California Attorney General Xavier Becerra and the city attorneys of Los Angeles, San Diego and San Francisco under a new California law that says companies can only classify workers as contractors if they perform work “outside the usual course” of their business.

Treating Uber and Lyft drivers as employees instead of independent contractors would guarantee benefits such as overtime, sick leave and expense reimbursement for workers who make up much of the freewheeling gig economy.

The law has wide-reaching implications across a number of sectors, but none more so than the ride-hailing industry. Lawyers for Uber and Lyft say drivers are not fundamental to the business, arguing the companies are “multi-sided platforms” whose activities encompass much more than transportation.

Becerra praised the appellate decision.

“Californians have fought long and hard for paycheque and benefit protections. Uber and Lyft have used their muscle and clout to resist treating their drivers as workers entitled to those paycheque and benefit protections,” Becerra said in a statement. “The courts saw right through their arguments. In the midst of a COVID health and economic crisis, what worker can afford to be denied basic protections like paid sick leave, unemployment insurance, minimum wage, or overtime?”

© 2020 The Canadian Press. All rights reserved., source Canadian Press DataFile

Stocks mentioned in the article
ChangeLast1st jan.
LYFT, INC. -1.21% 39.04 Delayed Quote.-9.25%
UBER TECHNOLOGIES, INC. -0.16% 50.72 Delayed Quote.70.54%
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Financials (USD)
Sales 2020 12 557 M - -
Net income 2020 -6 692 M - -
Net Debt 2020 1 789 M - -
P/E ratio 2020 -13,4x
Yield 2020 -
Capitalization 89 458 M 89 458 M -
EV / Sales 2020 7,27x
EV / Sales 2021 5,14x
Nbr of Employees 21 600
Free-Float 96,7%
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Uber Technologies, Inc. Technical Analysis Chart | UBER | US90353T1007 | MarketScreener
Technical analysis trends UBER TECHNOLOGIES, INC.
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 44
Average target price 49,26 $
Last Close Price 50,72 $
Spread / Highest target 28,2%
Spread / Average Target -2,87%
Spread / Lowest Target -55,6%
EPS Revisions
Managers
NameTitle
Dara Khosrowshahi Chief Executive Officer & Director
Ronald D. Sugar Chairman
Nelson J. Chai Chief Financial Officer
Sukumar Rathnam Chief Technology Officer
Yasir bin Othman Al-Rumayyan Independent Director
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