WEDNESDAY MORNING BUT TOP STORY
THIS HALF AN HOUR IS THIS,
RIDE-SHARING PROTESTS, UBER AND
LYFT, DRIVERS ACROSS THE COUNTRY
AND THE UK ARE SET TO STRIKE
TODAY IN JUST UNDER AN HOUR WITH
PROTESTS, OVER WAGES AND WORKING
CONDITIONS THIS AS UBER PREPARES
FOR IPO ON FRIDAY, BOTH
COMPANIES PUTTING OUT STATEMENTS
AND UBER SPOKESPERSON SAYING
THIS, MORE CONSISTENT EARNINGS,
STRONGER INSURANCE PROTECTIONS
OR FULLY-FUNDED 4-YEAR DEGREES,
WE WILL CONTINUE WORKING
EXPERIENCE FOR DRIVERS, WE KNOW
THAT ACCESS TO FLEXIBLE EXTRA
INCOME MAKES DIFFERENCE TO
MILLIONS OF PEOPLE AND
CONSTANTLY WORK TO GO IMPROVE
HOW WE CAN BEST SERVE DRIVER
COMMUNITY.
LYFT REPORTED QUARTERLY NUMBERS
YESTERDAY, $776 MILLION IN
REVENUE, THE COMPANY LOST 211
AND A HALF MILLION DOLLARS.
WALL STREET JOURNAL, THE HOST OF
WALL STREET JOURNAL SECRETS OF
WEALTHY WOMEN PODCAST, VERO
WEALTHY WOMEN PODCAST, VERÓNICA.
>> GOOD TO BE HERE.
MARIA: HAPPY THAT I WAS A GUEST
ON YOUR PODCAST.
YOUR REACTION TO WHAT'S GOING ON
WITH UBER AND LYFT?
>> WELL, YOU KNOW WHAT THE
DRIVER PROTESTS HAVE BEEN
HAPPENING FOR A WHILE.
LATEST ONE THIS MORNING.
DRIVERS ARE FEELING FRUSTRATED
BECAUSE THEY FEEL LIKE THEY ARE
HELPING EXECUTIVES AND INVESTORS
IN THE COMPANIES GET RICH WHILE
THEY ARE STRUGGLING.
THEY ARE HAVING, THEY DON'T HAVE
THE BENEFITS THEY DON'T, THEY
DON'T HAVE THE HOURS THEY WANT,
THEY DON'T HAVE THE PAY THEY
WANT, THERE'S TENSION GOING ON,
FIRST OF ALL, I THINK AS AN
INVESTOR IN UBER AND LYFT, THESE
ARE BIGGER ISSUES FOR THESE
COMPANIES RIGHT BECAUSE YOU NEED
THE DRIVERS, YOU HAVE KEY PART
OF THE BUSINESS MODEL BUT UBER
AND LYFT ALREADY FEEL LIKE THEY
ARE PAYING THESE DRIVERS TOO
MUCH, THERE'S NOT AN ENDLESS
SUPPLY OF DRIVERS SO YOU CAN
ONLY CUT THEIR WAGES SO MUCH
WITHOUT THEM PUSHING BACK AND
SAYING, I QUIT.
THERE'S TONS OF RETENTION ISSUES
IN THE SERVICE BUSINESSES.
>> WHAT'S THE TURNOVER?
>> IT'S VERY HIGH COMPARED -- I
DON'T HAVE FIGURES BUT COMPARED
TO RESTAURANT SERVICE BUSINESS,
UBER DRIVERS, LYFT DRIVERS VERY
HIGH, HARD TO KEEP EMPLOYEES,
THEY REALIZE THEY'RE NOT GETTING
PAID WHAT THEY EXPECTED TO GET
PAID AND SO THE ISSUES AREN'T
GOING TO GO AWAY FOR THESE
COMPANIES.
THEY HAVEN'T FIGURED OUT A WAY
HOW TO KEEP THE DRIVERS HAPPY.
>> DO YOU IT BY PAYING -- GOING
BACK IN HISTORY, HENRY FORD,
DOUBLE WAGES, THEY HAD HUGE
TURNOVER WHEN THEY CUT WORKING
HOURS BY THIRD, SUDDENLY
SOMETHING VERY DESIRABLE.
IS THERE SOMETHING WHERE THEY
SUCK IT IN AND SAY PAY MORE ON
TURNOVER?
>> IT'S POSSIBLE, RIGHT N THIS
ECONOMY THEY MIGHT NEED TO DO
THAT BUT UBER'S LONG-TERM GAIN
AND WHAT THEY WOULD LOVE TO DO
IS TO GO TO SELF-DRIVING CARS,
TAKE THE PEOPLE OUT OF THE
EQUATION BECAUSE --
DAGEN: I WOULD POINT OUT THAT
LYFT ANNOUNCED EXTENDED
PARTNERSHIP YESTERDAY WITHOUT
THE BET, SELF-DRIVING CAR UNIT
FROM ALPHABET, WAYMO, ROBOT
TAXIS IN PHOENIX WE AREA.
MARIA: THAT'S WHERE WAYMO IS.
>> FOR HUGE EXTENSION THAT'S A
LONG WAYS OFF.
>> LONG GAME UBER CEO HAS SAID
THAT, DON'T EXPECT THAT ANY TIME
SOON. YOU'RE AN INVESTOR YOU
NEED TO CONSIDER THAT IN THE
COMPANY.
REGULATORY ISSUES WILL WEIGH ON
THE COMPANY AND IS WEIGHING ON
THE COMPANY, GOING DRIVERLESS
MAYBE THEIR BEST PLAN OF
PROFITABILITY.
PROBABLY LONG TIME DOWN THE
ROAD.
>> UBER DRIVERS SET THEIR OWN
HOURS.
THEY DON'T HAVE TO GET
PERMISSION OF THEIR BOSS TO TAKE
OFF I'M GOING TAKE OFF FROM MY
KIDS' SCHOOL.
>> THAT'S WHY PEOPLE DO IT AS
SIDE BUSINESS OR SET THEIR OWN
SCHEDULE, HAVE THEIR OWN
BUSINESS, SOME OF THOSE DRIVERS
HAVE DONE A REALLY SMART AND
GOOD JOB WITH THAT, FOR EXAMPLE,
DRIVERS WHO HAVE BEEN ADD IT FOR
A LONG TIME ARE ACTUALLY GETTING
SHARES OF IPO, GETTING A PIECE
OF IT, YOU KNOW WHAT, THAT'S
VERY SMALL MOUNT OF DRIVERS WHO
ACTUALLY QUALIFY FOR THAT.
MARIA: ALL RIGHT, WE WILL BE
WATCHING, COULD BE INTERESTING
WEEK TO GO PUBLIC FOR UBER AFTER
THE HUGE SELLOFF THAT WAS SEEN
IN STOCK PRICES, WE WILL SEE
WHAT HAPPENS ON FRIDAY, WHETHER
OR NOT THEY PULL THE DEAL FOR
NOW BECAUSE THE MARKETS ARE
CERTAINLY NOT COOPERATING.
VERO
VERÓNICA, GOOD TO SEE YOU.