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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

Jan 27, 2021 - Technology

Facebook stock whipsaws amid ad targeting concerns

Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images

Facebook's stock showed volatility in after-hours trading Wednesday, despite adding users and beating on top and bottom lines.

Why it matters: Investors seem spooked by proposed changes to user data collection by Apple that would impact Facebook's ad business, in addition to perennial threats of new federal privacy regulations.

Apple raked in $111 billion in revenue in a single quarter

Expand chart
Data: FactSet; Chart: Axios Visuals

Big Tech had a strong start to earnings season, as the S&P 500's heavy hitters reported Wednesday after market close.

What happened: Spurred by strong sales of the latest iPhones, Apple had its strongest quarter ever, raking in $111.4 billion in revenue for the three months ended Dec. 31, far outpacing expectations.

NASA estimates Tonga volcano exploded with force of 5-6 megatons

A satellite image of Hunga Tonga Hunga Ha’apai volcano on Dec. 24, before the eruption. Photo: Satellite image ©2022 Maxar Technologies

NASA scientists estimate the power of Tonga's volcanic eruption over the weekend to have been 5-6 Megatons of TNT equivalent.

Threat level: Saturday's eruption of the Hunga Tonga Hunga Haʻapai volcano and subsequent tsunami killed at least three people. Scientists warn an "ash-seawater cocktail" poses a potentially toxic health threat, and drinking water could be contaminated.