Uber and Lyft’s new road: less drivers, frugal riders and squeamish investors

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Uber Technologies Inc. and lift Adapting to a new reality: Investors are mounting pressure to rein in heavy losses, riders are making fewer trips as fares rise and drivers are still in short supply.

Average Uber and Lyft fares hit record highs in the US last month, according to market-research firm YipitData, driven by labor shortages and high gas prices. According to YipitData, the companies collectively attracted at least 20% fewer ridership and posted 35% fewer trips in the first quarter compared to three years ago.