"Your Uber and Udon has arrived" [E+ via GettyImages]
Hey Snackers,
Tinder is rolling out 48-hour, in-app events called "Vibes." #WeMetOnVibes
The techy Nasdaq bounced back yesterday after a four-day losing streak. Investors smell recovery: jobless claims fell below 500K last week for the first time during the pandemic.
💐 Mother's Day: It's this Sunday (you're welcome).
Another one... (DJ Khaled). On Wednesday, Pfizer delivered the first Covid-19 vaccine profit. Yesterday, Moderna delivered its first profit — period.
Terrible earnings timing... On Wednesday, the Biden admin announced it supports a WTO proposal to temporarily waive companies' intellectual property protections for Covid-19 vaccines, to help end the pandemic. The US was originally opposed, saying IP protection provides a key incentive for innovation. If the proposal passes, others could develop shots using public patents (without getting sued). Vax-makers' recipes would be open to all.
Recipes are valuable, but don't forget the chef... and the ingredients. Patents don't come with the ability to produce complex drugs at scale. Pharma companies say public patents won't help curb the pandemic short-term, because of the challenges that come with producing Covid vaccines. Including: setting up complex factories, securing scarce raw materials, and hiring skilled employees to operate new tech. Even Moderna and Pfizer haven't been able to scale fast enough to meet demand.
Call an XL... for the big stacks. Uber's bookings reached an all-time high of $19.5B last quarter, up 24% from last year. But don't call it a ride-hailing company — it's a food delivery company now.
Pizza > People... If you thought your ride to Girls' Night got pricier, that's because it did. Uber and Lyft are dealing with driver shortages. Prices are rising as riders return, while some drivers still prefer delivering pizza over (potentially contagious) people. Now, both are offering drivers incentives to return as demand picks up.
The gig cloud still looms... Despite Uber's food delivery win, total sales fell because of new driver benefits in the UK, where it was forced to reclassify gig drivers. Aaand: it's still unprofitable. Last week, US Labor Secretary Walsh said he believes gig workers should be classified as employees in many cases. This week, the Biden admin said it's blocking a proposal that would make it easier for gig companies to continue classifying workers as independent contractors. Down the road, these stances could put the gig economy in danger (again).
Authors of this Snacks own shares of: Moderna and Uber
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