Uber is scheduled to report third-quarter earnings Thursday. When Uber Technologies Inc. reports financial results two days after Election Day, it may not know the fate of its business in its home state, but its bottom line will be affected either way.
Uber UBER, +4.19% , ride-hailing rival Lyft Inc. LYFT, +7.31% and other app-based platforms are attempting to exempt themselves from a California law that would require them to treat their drivers and delivery workers as employees by backing Proposition 22 in Tuesday’s election.
The result could have broad repercussions and upend the gig economy, which relies on independent contractors. A Capitol Weekly poll of mail-in voters shows the initiative ahead 52% to 48%, and a UC Berkeley Institute of Governmental Studies poll released last week showed Prop. 22 was ahead 46% to 42%. But ballots continue to pour in ahead of Election Day, as the state sees the highest percentage of potential voters registered before an election in 80 years, according to the California secretary of state’s office.
Whether Prop. 22 passes or fails, Uber faces increased costs: The initiative offers drivers guaranteed minimum earnings and some health-care benefits. If voters reject the measure, Uber will likely […]
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