Median profit for Uber and Lyft drivers is $3.37 per hour before taxes, according to a survey of over 1,100 drivers by the MIT Center for Energy and Environmental Policy Research.
The data, published in a research brief, found that 74% of drivers earn less than the minimum wage in their state. About a third of drivers are actually losing money when factoring in vehicle expenses, researchers said.
"This paper provides one of the first detailed estimates of ride-hailing profit," researchers said. Survey questions focused on self-reported revenue, mileage, vehicle choices, operational cost parameters for insurance, maintenance, repairs, fuel and depreciation.
Source: usatoday
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