UBER - UBER Stock Gains after a Positive Court Decision
UBER Stock ( NYSE:UBER )
Uber stock ( NYSE:UBER ) has been doing quite well recently on the stock market, as seen by their 7.2% increase over the course of the last two trading sessions. The positive side effect is attributable to a decision made by a New York City judge prohibiting salary rises for ride-sharing businesses. The New York City Taxi and Limousine Commission pushed for the rate increases to be implemented.
Drivers’ Salary Won’t Be Increased
When the judge was delivering his judgment against the commission, he claimed that to compute the salary increase, the panel had utilized an improper technique. The commission had considered considerations such as the sharp rise in the price of gasoline that occurred over the previous summer; however, those prices have decreased since then.
The verdict demonstrates that Uber’s position was correct. It had filed a lawsuit against the commission the previous month to prevent an important pay hike for its drivers. Uber thought the suggested increases were unheard of.
In the complaint filed last month, Uber stated that if the court ruled against it in an adverse manner, the company would be compelled to incur additional monthly costs in the range of $21 to 23 million dollars. This would have required Uber to increase its fares to maintain its profitability.
In light of the circumstances mentioned above, the judge’s decision has proven beneficial for Uber. It’s no surprise that Uber stock is going up.
The verdict, which has prevented major increases in labor e...
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