Uber and Lyft’s New Road: Fewer Drivers, Thrifty Riders and Jittery Investors

Uber Technologies Inc. and Lyft are recalibrating to a brand new actuality: Investors are growing the stress to rein in hefty losses, riders are taking fewer journeys as fares rise and drivers are nonetheless in brief provide.

The common Uber and Lyft fare hit a document excessive within the U.S. final month, based on market-research agency YipitData, pushed by the labor scarcity and excessive fuel costs. The firms collectively drew not less than 20% fewer riders and posted 35% fewer journeys within the first quarter than three years earlier, based on YipitData.