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UberX Temporarily Reduces Fares By 25% In Los Angeles
A sticker with the Uber logo is displayed in the window of a car on June 12, 2014 in San Francisco, California. (Getty Images/Justin Sullivan)
Coming off some really bad press lately for the ride-sharing business, attacks from Big Taxi, and competition from the likes of Lyft and Sidecar, Uber has reduced fares for riders of their uberX service in Los Angeles.
Announcing the discount in a blog post on their site, the move is only temporary with no end date announced.
KPCC suggests that the moves may spell troubled times for the company, which is valued at over $18 billion but draws in considerably thinner revenue numbers.
Despite the reduced fares, Uber told KPCC that the discount will be coming out of the coffers of the company and not out of the pockets of the drivers. Drivers will keep 80% of the non-discounted fare.
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