Uber Technologies
UBER
is adding a fuel surcharge on rides and delivery orders to help drivers and delivery workers cope with rising gas prices.
Gas prices have been soaring lately in the United States amid the Russia-Ukraine war. Ride-hail drivers are being affected by this crisis, with their earnings being squeezed to pay for the high fuel costs.
In a statement, Uber said that depending on the location, a surcharge of either 45 cents or 55 cents will be levied on consumers for each ride trip, beginning Mar 16. For Uber Eats orders, the company is adding a surcharge of 35 cents or 45 cents. The entire amount will go to the workers, Uber said.
The surcharges will depend on average trip distance and the increase in gas prices in each state. This is a temporary measure, and will continue for the next 60 days at least. Meanwhile, UBER will continue to track gas price movements to assess whether additional changes will be needed.
This fuel surcharge does not apply to customers in New York, where drivers have already received a 5.3% increase to their mandated minimum earnings standard, effective Mar 1, to include the increased operating costs. Moreover, the majority of delivery workers in the city use bicycles instead of cars.
Zacks Rank & Key Picks
Uber carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader
Computer and Technology
sector are as follows:
Arista Networks
ANET
carries a Zacks Rank #1 (Strong Buy). The company’s earnings have surpassed the Zacks Consensus Estimate in each of the preceding four quarters, the average beat being 7.7%. You can see
the complete list of today’s Zacks #1 Rank stocks here
.
Shares of Arista Networks have gained more than 67% in a year.
Apple
AAPL
carries a Zacks Rank #2 (Buy). The company has an impressive earnings surprise history, having outperformed the Zacks Consensus Estimate in three of the preceding four quarters (in-line in one), the average beat being 20.3%.
Shares of Apple have rallied more than 24% in a year.
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