The Results Are In for the Sharing Economy. They Are Ugly.

OAKLAND, Calif. — The coronavirus pandemic has gutted the so-called sharing economy. Its most valuable companies, which started the year by promising that they would soon become profitable, now say consumer demand has all but vanished.

It is not likely to return anytime soon.

In earnings reports this week, Uber and Lyft disclosed the depth of the financial damage. The companies said their ride-hailing businesses all but collapsed in March, the last month of the first quarter, as shelter-in-place orders spread through Europe and the United States.

*Source: https://www.nytimes.com/2020/05/07/technology/the-results-are-in-for-the-sharing-economy-they-are-ugly.html