As per a report published in The Wall Street Journal, Alphabet Inc. (GOOGL - Analyst Report) owned Google has expanded Waze Rider – its carpooling service – for all users in the San Francisco Bay Area.
In May, Google launched the pilot program of its new carpooling service through its Waze app. But then only 25,000 employees belonging to a select group of companies had access to the app. The company had acquired Waze, a crowdsourced app for mapping and navigation in 2013.
Now, the app’s ride sharing facility is available to all users in the San Francisco Bay Area. Any person can sign up as a driver by using the Waze app and any commuter can use the new ride-sharing service by downloaing a separate app called Waze Rider.
The service enables the driver of a vehicle to pick up passengers who are headed in the same direction or destination for a certain fare. However, both drivers and riders are limited to only two rides each day.
Waze said in a statement, “The Waze Carpool trial has been gradually opening to new users and is currently available to commuters in the greater San Francisco Bay Area who wish to be a part of the pilot. This includes drivers who can register via the original Waze app and riders who can request a ride via the separate Waze rider app.”
How Waze Differs?
Unlike Uber and Lyft Inc., whose business models are based on on-demand taxi, Waze aims at connecting riders with drivers who are going in the same direction. Additionally, the company is intent on keeping fares low to encourage those who would have otherwise operated as taxi drivers.
We note that Waze currently charges 54 cents per mile, which is a tad lower than what Uber and Lyft cost.
With Google taking interest in the transportation segment, competition has further heated up in this segment. If this launch turns out successful, Google might expand the service to other cities as well.
At present, Alphabet has a Zacks Rank #3 (Hold). Stocks worth considering in the industry include LinkedIn Corporation (LNKD - Analyst Report) , TrueCar, Inc. (TRUE - Snapshot Report) and MeetMe Inc. (MEET - Snapshot Report) .
LinkedIn sports a Zacks Rank #1 (Strong Buy) and witnessed a 0.13% rise in its stock price in the last trading session. On average, the company delivered a positive earnings surprise of 115.2% in the trailing four quarters.
MeetMe, Inc. carries a Zacks Rank #2 (Buy) and witnessed a 1.14% rise in its last day’s stock price. On average, the company delivered a positive earnings surprise 53.6% in the trailing four quarters. You can see the complete list of today’s Zacks #1 Rank stocks here.
TrueCar, Inc. holds a Zacks Rank #2 and gained 1.07% in the last trading session. On average, the company delivered a positive earnings surprise 0.25% in the trailing four quarters.
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