1 Month After IPO, a Big JUMP in Prices at Uber’s Bike Share Service
A JUMP electric bike. Photo: JUMP
One month after banking $8.1 billion from a Wall Street IPO, Uber has raised the price of a simple bike ride on its JUMP e-cycles by 67 percent.
A 20 minute JUMP ride in Denver now costs $5, compared to $3 a week ago. The company’s per-minute prices have gone up to 25¢ in Denver, from just 15¢ per minute, according to Stephanie Sedlak, a spokesperson for Uber, JUMP’s parent company. In Los Angeles, JUMP prices are set to go up to 30¢ per mile tomorrow.
“We’re updating our pricing to better balance supply with demand,” said Sedlak in an email.
The news of the price hike triggered an immediate reaction from a JUMP user in the Los Angeles area:
Uber spent $1 billion more than it earned during the first quarter of 2019, according to its first earnings report, which the company issued last week. As shareholders start to expect profits, Wall Street analysts think the company will eventually raise prices on all of its services.
Stay in touch
Sign up for our free newsletter
More from Streetsblog Los Angeles
Metro September 2023 Board Committee Round-Up: C Line, 91 Freeway Widening, and More
Transit ridership and freeway funding are up. $14 million for MicroTransit was postponed. South Bay C Line extension draws both controversy and support. Law enforcement, Taylor Swift, bus lanes, and more!
Input Meetings Starting This Weekend for Ballona Creek “Finish the Creek” Extension Study
Learn more and give your ideas for extending the Ballona Creek bike/walk path upstream through Culver City and into Mid-City Los Angeles
Guest Opinion: Metro Should Treat Walk and Bike Projects with the Respect They Deserve
Prioritizing true first mile/last mile infrastructure isn’t somehow optional; it’s how your customers get to and from the transit stations.
