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Arista Networks, Inc. (ANET) - free report >>
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LYFT Joins UBER in Adding a Fuel Surcharge to Help Drivers
Amid rising fuel prices, Lyft (LYFT - Free Report) plans to levy fuel surcharges on ride trips, The Verge reported.
Per the report, Lyft spokesperson, CJ Macklin, said in a statement, “We’ve been closely monitoring rising gas prices and their impact on our driver community.” Macklin added, “Driver earnings overall remain elevated compared to last year, but given the rapid rise in gas prices we’ll be asking riders to pay a temporary fuel surcharge, all of which will go to drivers.” LYFT did not provide substantial details.
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.
Lyft, Inc. Price
Lyft, Inc. price | Lyft, Inc. Quote
Lyft’s move to add fuel surcharge follows a similar measure recently adopted by Uber Technologies (UBER - Free Report) . Effective Mar 16, UBER will be adding a surcharge of either 45 cents or 55 cents for each ride trip. For Uber Eats orders, the company is adding a surcharge of 35 cents or 45 cents. UBER also said that the entire amount would go to the workers who are bearing the burden of the gas price hike.
Uber said that the surcharge will depend on average trip distance and the increase in gas prices in each state. Similar to Lyft, Uber’s fuel surcharge is also a temporary measure that will continue for at least 60 days, after which the company will reassess the situation for further modifications.
Both Uber and Lyft carry a Zacks Rank #3 (Hold).
A Key Pick
A better-ranked stock in the broader Computer and Technology sector is Arista Networks (ANET - Free Report) , which carries a Zacks Rank #2 (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 (Strong Buy) stocks here.
Shares of Arista Networks have gained more than 60% in a year.