Uber Technologies Inc. and Lyft are recalibrating to a new reality: Investors are increasing the pressure to rein in hefty losses, riders are taking fewer trips as fares rise and drivers are still in short supply.
The average Uber and Lyft fare hit a record high in the U.S. last month, according to market-research firm YipitData, driven by the labor shortage and high gas prices. The companies collectively drew at least 20% fewer riders and posted 35% fewer trips in the first quarter than three years earlier, according to YipitData.
