Uber and Lyft know they have to raise prices in order to turn a profit. Neither of them wants to make the first move.
Both companies need to raise prices and wean customers off the coupons that helped grow market share in years past if they ever want to turn a profit.
But things are different now. Following lackluster initial public offerings this year, both companies are under tremendous pressure from investors to turn a profit. The only way to get there — besides big job cuts — is convincing the public to pay what these rides actually cost to provide.
That shocked markets, sending Lyft's shares plunging as much as 6% in trading from the remarks through the end of the week. By his data, Uber has done more couponing than Lyft over the past few weeks, but has pulled back recently.
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