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Uber Freight poised for success — Midday Market Update

Uber Freight poised for success — Midday Market Update

MMU 11/24

Uber Freight posted year-over-year revenue growth of a whopping 43%, citing its Freight Enterprise offering as a key reason for improved performance. CFO Nelson Chan said Uber Freight’s user base expanded by 45% quarterly, a big jump that sparks discussion between Kevin Hill and Michael Vincent in this episode of the Midday Market Update.  

The latest COVID-19 relief measure may help protect multiemployer pension funds in danger of failing; the House Ways and Means Committee is championing a bill to allow pension plans extra time to improve contribution rates, limit benefit accruals and maintain funding. 

Some manufacturing companies have plans to relocate supply chains this year, according to a survey from BDO Manufacturing that said 24% of company CFOs said they plan to move, and the US was ranked the most stable place to source materials from. 

A massive ice storm moving through the South has caused havoc in the Dallas-Fort Worth metroplex, with a 100-plus vehicle pileup closing I-35W and causing at least five fatalities, according to the Fort Worth Police Department

Special purpose acquisition companies (SPACs) have made many headlines as startups seek partnerships to go public and FreightWaves reporter Alan Adler joins the show to explain if the SPAC bubble will keep growing or pop. “You can’t stop this train,” Adler says, with more than 100 companies already announcing SPAC partnerships compared to just over 200 total in 2020. 

Uber Freight Head of Operations Bill Driegert makes an appearance to discuss the company’s gains. He says the new Enterprise product has been a great improvement in visibility for Uber Freight’s clients. 

“It’s ultimately tech allowing our carriers to make better decisions,” says Driegert, who thinks combining Enterprise and Uber’s solution of bundling freight could put capacity favor securely in carriers’ hands. 

You can find more Midday Market Update recaps and recaps for all our live podcasts here.

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11 February 2021, 21:47