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UBER Wins 30-Month License to Continue Operations in London
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Per a CNBC report, Uber Technologies (UBER - Free Report) has been granted a 30-month license to continue operating in London. This ends the company’s long-standing battle with city regulators over safety concerns.
A Transport for London (TfL) spokesperson said on Saturday, “Uber has been granted a London private hire vehicle operator’s license for a period of two and a half years.” The agency had twice revoked UBER’s license to operate in London, one of its most important international markets.
In September 2020, the company was granted an 18-month license extension to continue operating in London after the same was revoked in November 2019 due to a “pattern of failures”, which put passengers at risk. The TfL said that due to a glitch in Uber’s system, unauthorized drivers were able to upload their photos to other driver accounts and pick up passengers illegally in at least 14,000 trips. This was the second time that the company was denied a new license to operate in the city, the first being in 2017 on similar safety-related issues.
Last year, Uber reclassified its 70,000 U.K. drivers as workers following a defeat in the U.K. driver classification case. Under the U.K law, classifying drivers as workers would entitle them to a guaranteed minimum wage, holiday pay and pensions. However, it is different from categorizing them as employees, who have greater privileges.
At a time when Uber is nearing pre-pandemic levels of growth in its ride-hailing operations, the 30-month London license win adds to the positivity. Earlier this month, the company said that its ride trips recovered by 90% in February from the 2019 (pre-pandemic) level, while gross bookings were just 5% below the February 2019 level. UBER’s mobility business has been struggling with low ride volumes since the beginning of the pandemic in 2020.
Apple (AAPL - Free Report) 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%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of Apple have rallied more than 43% in a year.
Arista Networks (ANET - Free Report) carries a Zacks Rank #2. The company’s earnings have surpassed the Zacks Consensus Estimate in each of the preceding four quarters, the average beat being 7.7%.
Shares of Arista Networks have gained more than 79% in a year.
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UBER Wins 30-Month License to Continue Operations in London
Per a CNBC report, Uber Technologies (UBER - Free Report) has been granted a 30-month license to continue operating in London. This ends the company’s long-standing battle with city regulators over safety concerns.
A Transport for London (TfL) spokesperson said on Saturday, “Uber has been granted a London private hire vehicle operator’s license for a period of two and a half years.” The agency had twice revoked UBER’s license to operate in London, one of its most important international markets.
In September 2020, the company was granted an 18-month license extension to continue operating in London after the same was revoked in November 2019 due to a “pattern of failures”, which put passengers at risk. The TfL said that due to a glitch in Uber’s system, unauthorized drivers were able to upload their photos to other driver accounts and pick up passengers illegally in at least 14,000 trips. This was the second time that the company was denied a new license to operate in the city, the first being in 2017 on similar safety-related issues.
Uber Technologies, Inc. Price
Uber Technologies, Inc. price | Uber Technologies, Inc. Quote
Last year, Uber reclassified its 70,000 U.K. drivers as workers following a defeat in the U.K. driver classification case. Under the U.K law, classifying drivers as workers would entitle them to a guaranteed minimum wage, holiday pay and pensions. However, it is different from categorizing them as employees, who have greater privileges.
At a time when Uber is nearing pre-pandemic levels of growth in its ride-hailing operations, the 30-month London license win adds to the positivity. Earlier this month, the company said that its ride trips recovered by 90% in February from the 2019 (pre-pandemic) level, while gross bookings were just 5% below the February 2019 level. UBER’s mobility business has been struggling with low ride volumes since the beginning of the pandemic in 2020.
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:
Apple (AAPL - Free Report) 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%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of Apple have rallied more than 43% in a year.
Arista Networks (ANET - Free Report) carries a Zacks Rank #2. The company’s earnings have surpassed the Zacks Consensus Estimate in each of the preceding four quarters, the average beat being 7.7%.
Shares of Arista Networks have gained more than 79% in a year.