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Illustration: Aïda Amer/Axios

Uber is looking to export to other states California's newly voter-approved policy that will let the company continue to treat its drivers as contractors and not employees, CEO Dara Khosrowshahi said on an analyst call after the company posted mixed third-quarter results Thursday.

The big picture: Uber and Lyft helped lead a $200 million campaign to convince Californians to vote for Proposition 22, which they did overwhelmingly Tuesday. Uber now wants to "have dialog with governments and other states" on enacting similar arrangements, Khosrowshahi said.

What they're saying: "On Prop. 22 for now, what we are really focused on is making sure that we do everything we can to get the benefits that Prop. 22 promises to drivers as quickly as possible," CEO Dara Khosrowshahi told analysts of the ballot measure, which promises some benefits to California drivers.

  • Yes, but: "It will result probably in a 5% type increase in order to cover the incremental benefits and much of it will be passed along to riders," CFO Nelson Chai added. "But we don't believe it will have a material impact when it comes to demand."

Meanwhile: Uber's Q3 results were a more mixed bag than the unalloyed victory the company saw in the passage of the ballot measure.

Between the lines: Uber has been hard-hit by the ongoing pandemic as people remain home, though it's been able to offset some business loss via its delivery arm.

By the numbers:

  • Loss per share: $0.62, compared to $0.65 expected, per Refinitiv.
  • Revenue: $3.13 billion, compared to $3.20 billion expected, per Refinitiv.
  • Monthly active platform consumers: 78 million, down 24% year-over-year.
  • Gross bookings: 14.75 billion, down 10% year-over-year.
  • Uber Eats gross bookings: $8.55 billion, up 134% year-over-year.
  • Uber mobility gross bookings: $5.91 billion, down 53% year-over-year.

Uber's stock price dropped about 2% in after-hours trading.

Go deeper

Dan Primack, author of Pro Rata
Nov 16, 2020 - Economy & Business

Airbnb files for its long-awaited IPO

Illustration: Aïda Amer/Axios

Airbnb on Monday filed for a $1 billion initial public offering, which is expected to price in December.

Financials: Airbnb reports nearly a $700 million net loss on $2.5 billion in revenue for the first nine months of 2020, versus a $322 million net loss on $3.7 billion in revenue for the year earlier period. But it also reports $219 million in profits for the third quarter of 2020, as bookings rebounded.

Dan Primack, author of Pro Rata
Nov 16, 2020 - Economy & Business

Airbnb's IPO will cap off its resilient rebound

Illustration: Aïda Amer/Axios

Airbnb will flip its IPO filing on Monday afternoon, setting itself up to go public before year-end. [Update: It filed]

Why it matters: This would cap off a resilient rebound for a company that many left for dead after the pandemic hit. As a source close to the company tells me: "Everyone knows Airbnb had a good Q3, but people may be surprised by just how good it was."

Biden transition names first Cabinet nominees

Photo: Justin Sullivan/Getty Images

President-elect Joe Biden on Monday unveiled his nominations for top national security positions in his administration, tapping former secretary of state John Kerry as his climate czar and former deputy national security adviser Avril Haines as director of national intelligence.

Why it matters: Haines, if confirmed, would make history as the first woman to oversee the U.S. intelligence community. Biden also plans to nominate Alejandro Mayorkas to become the first Latino secretary of the Department of Homeland Security.