“You can’t rely on the company to offer you these bonuses if you know you have a big expense coming up—if you work these good bonuses, do not expect those bonuses next week,” Gage says.

Amid pressure from labor advocates, Uber has been spending more on wages and other benefits. In California, drivers are eligible for new limited benefits due to Prop 22, while in the UK, the high court recently ruled that Uber must treat drivers as workers and not as self-employed contractors, allowing them to get benefits such as minimum wage and paid leave.

When it comes to Uber reaching profitability, either costs are going to have come down or revenue is going to have to go up, says White. Labor expenses are “one area where I think investors would like to see, and would expect to see, leverage over time,” he says. “But I think investors are also acknowledging that this is a unique reopening situation.”

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