Uber Expands in London by Integrating Iconic Black Cabs
Portfolio Pulse from Anusuya Lahiri
Uber Technologies, Inc. plans to integrate London's black cabs into its platform in 2024, despite opposition from the Licensed Taxi Drivers Association (LTDA). The service will offer commission-free bookings for the first six months. LTDA criticized Uber's safety record, but Uber cites successful taxi integrations in other cities. The first black cab driver to join Uber sees potential for increased earnings. Uber's Q3 FY23 revenue grew 11% to $9.29 billion, missing estimates, with trips up 25% year-over-year.
November 29, 2023 | 3:23 pm
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Uber announces integration of London black cabs into its service in 2024, offering no commission for the first six months. Despite LTDA's rejection, Uber sees potential benefits from past taxi integrations. Q3 FY23 revenue growth was 11%, with a 25% increase in trips, but missed consensus estimates.
The integration of black cabs may be seen as a positive development for Uber's expansion and service diversification in London, which could attract investors. However, the LTDA's opposition and Uber's recent earnings miss introduce uncertainty, potentially limiting the short-term impact on the stock price.
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