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Uber says it has cut Denver fares by 10 percent to help spur business in January, a month in which consumers typically reel in their spending.

According to a blog post by the ride-hailing service, Uber drivers will be guaranteed earnings during the price-cut period, which began Saturday.

This is the third year Uber has reduced its January fares in some cities. This year, fares have been reduced in more than 100 U.S. and Canadian cities.

"Seasonality affects every business, and Uber is no exception because when people hunker down at home, demand for rides drops," the blog post said. "Five and a half years in, we've learned that the single most effective way to boost demand during the winter slump is to cut prices for riders."

If business doesn't increase, the company said, prices will be restored.

"Last year, for example, earnings fell in some cities and we changed back. In Charlotte, for example, we pulled a 40 percent price cut back to 29 percent, and earnings for drivers grew by nearly 20 percent in 2015," the company said. "And in two cities, including Seattle, we ended up reversing the price cuts entirely when it became obvious that prices were already low enough. Earnings have remained stable since."


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