Appeals court grants stay for Uber and Lyft to continue operations in California

An appeals court in California granted Uber and Lyft an emergency stay on Thursday, giving the ride-share giants more time to appeal a ruling that required them to classify drivers as employees instead of independent contractors.

The news comes after Lyft announced earlier Thursday that it would suspend its ride-sharing operations in the state of California, a lucrative market for the company, after a judge said last week that the ride-hailing companies must classify their drivers as employees. Lyft later backtracked -- saying they will not halt operations.