Median Hourly Profit for Uber, Lyft Drivers Is Just $3.37

Median Hourly Profit for Uber, Lyft Drivers Is Just $3.37

'Results indicate that profit from ride-hail driving are very low, ' the study notes. The paper also found that 73.5 percent of ride-sharing app driver profit in the US was untaxed. In September of past year, London decided not to renew Uber's license to operate in the city, citing lacking corporate responsibility as one of the primary determinants. They also said that detailed driver costs should be the subject of future study.

For many, Uber and Lyft are a cheap and convenient way to get around.

Disillusionment over pay is likely a big part.

As the so-called "gig economy" has rapidly expanded, leading more Americans to derive earnings from on-demand tasks, critics and some economists have argued the burgeoning sector deprives workers - who are often independent contractors rather than employees - of sufficient pay or benefits. Campbell worked with the MIT researchers on questions for the survey. Zoepf told HuffPost the Toyota Prius, a gas/electric hybrid, was drivers' vehicle of choice by a factor of two.

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Uber Technologies Inc and Lyft Inc drivers in the United States make a median profit of US$3.37 per hour before taxes, according to a report suggesting that a majority of ride-share workers make less than minimum wage and that many actually lose money. Ultimately, 74 percent of drivers earn less than minimum wage and, once vehicle expenses are taken into account, 30 percent actually lose money every mile they drive. The tax deduction is higher than the actual cost-per-mile, facilitating an estimated $4.8 billion in untaxed income, the study said.

At issue is the number of miles devoted to the rideshare business versus personal use. The researchers added, "An individual driver can precisely observe his or her own operational revenue and costs but does not know whether these are representative of other drivers or other vehicles". Fuel is another 40 percent, leaving 20 percent to depreciation. The mean monthly pretax profit for drivers is $661, while the median profit for a month is just $310.

"I think that's why we see such high turnover, and the No. 1 reason we hear from drivers as to why they're quitting is because of lower-than-expected earnings". Someone might tell themselves that they already pay for their vehicle, so any money they make is pure profit.

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