For the past two years, Frederick Aguinede has spent most of his time behind the wheels of cars he will never own. He wakes before dawn, turns on his Uber app and doesn’t return to his apartment until long after dusk — usually clocking more than 12 hours on the road each day.
On paper, it looks like he takes home upwards of $280 a week.
But only a handful of that cash really belongs to him: Uber takes 25% of earnings from its drivers, and between rental fees he pays the car owner, plus gas and tolls, the 29-year-old has been pocketing less than $10 a day.
Then Uber, in a bid to remain competitive in a market that was seeing a growing number of cheap rides, cut its prices...