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Tech Sector Updates: Smartwatches, Facebook, Huawei, and Google

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Part 2
Tech Sector Updates: Smartwatches, Facebook, Huawei, and Google PART 2 OF 7

Why Uber’s Market Share Has Tanked

Uber now owns 74.3% of the US ride-hailing market

This year has been a dreadful one for ride-hailing company Uber. The company has been grappling with workplace culture issues, sexual harassment, and allegedly stealing Alphabet’s (GOOG) trade secrets, among other challenges.

Why Uber’s Market Share Has Tanked

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These issues have likely affected its US market share, as the graph above shows. The #DeleteUber social media campaign brought its market share down from 81% to 76% during a single week in January, according to Second Measure, and Uber’s market share in the country dropped from 91% to 74.3% in August 2017. Uber’s rival Lyft has largely benefited from this, as its US market share rose to 23.4% from below 8% that month. The two companies still make up close to 98% of the total US ride-hailing market.

New CEO has his work cut out for him

Lyft now operates in 40 states, the company announced last week, while Uber is present in ~250 cities in the country. The former’s prices and work culture may have also boosted its market share.

New Uber CEO and former Expedia CEO Dara Khosrowshahi has a reputation for making changes. At Expedia (EXPE), women make up 52% of the total workforce, compared with Uber’s 36%. Similar changes at Uber may help soothe investors.

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