Uber reports profit after business model change

11 August 2022
 

Ride-hailing company Uber has reported its first ever positive quarterly cashflow. A change in the business model for its UK business had contributed to a “$983m [£814m] revenue benefit”, the firm told its investors.

This refers to the firm having to reclassify its UK drivers as workers rather than contractors after a High Court ruling last year (LTT 15.12.21). Uber drivers are now entitled to a minimum wage, paid time off and pensions.

The High Court ruling means that Uber is...

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