1 Month After IPO, a Big JUMP in Prices at Uber’s Bike Share Service

A JUMP electric bike. Photo: JUMP
A JUMP electric bike. Photo: JUMP

One month after banking $8.1 billion from a Wall Street IPO, Uber has raised the price of a simple bike ride on its JUMP e-cycles by 67 percent.

A 20 minute JUMP ride in Denver now costs $5, compared to $3 a week ago. The company’s per-minute prices have gone up to 25¢ in Denver, from just 15¢ per minute, according to Stephanie Sedlak, a spokesperson for Uber, JUMP’s parent company. In Los Angeles, JUMP prices are set to go up to 30¢ per minute tomorrow.

“We’re updating our pricing to better balance supply with demand,” said Sedlak in an email.

The news of the price hike triggered an immediate reaction from a JUMP user in the Los Angeles area:

Uber spent $1 billion more than it earned during the first quarter of 2019, according to its first earnings report, which the company issued last week. As shareholders start to expect profits, Wall Street analysts think the company will eventually raise prices on all of its services.


Support the nonprofit mission of Streetsblog Denver. Give $5 per month.

ALSO ON STREETSBLOG

48432627246_acc3a3f37e_c

Antiquated to Elevated: How Denver’s GO Bond Could Transform Citywide Mobility

|
Welcome to the new Streetsblog Denver series covering the Elevate Denver General Obligation bond. Every Tuesday, we’ll be looking at and dissecting different biking, walking, and transit upgrades across the city. We’ll explore the planning aspects behind key projects in addition to considering how these changes will affect the lives of people in the communities where they are located.