Uber Technologies Inc. (NYSE: UBER) Continues Development with Growing Restaurant, Grocery, and Other Delivery Services

July 8, 2020 09:21:06
  • More than a decade after Uber Technologies launched its ride-sharing services in San Francisco, the company remains a pioneer in developing transportation services worldwide with operations in 67 countries
  • The company’s ridership has plummeted this year as a consequence of the novel coronavirus pandemic, however, leading Uber to expand other potential sources of revenue as consumers’ use of remote-access delivery services grows
  • Uber’s Eats and Freight divisions have seen a rise in traffic as a result of the pandemic-altered trends, and Uber launched two new courier services in the spring to increase its foothold in the arena
  • Most recently, Uber announced it is working with rival Postmates Inc. in an acquisition bid expected to close next spring to sustain Uber’s second-place market share in restaurant delivery services as competition heats up
  • Many countries outside the United States are now reporting significant declines or virtual elimination of the virus, spurring hopes that normal Uber economic activity might soon resume there

Pioneering rideshare transportation business Uber Technologies (NYSE: UBER) is building its resourcefulness by expanding the array of services it provides to consumers. The novel coronavirus pandemic has taken a huge bite out of UBER’s annual revenues, but the company’s $2.65 billion all-stock deal to buy rival Postmates Inc. is expected to boost its ability to compete in the restaurant, groceries and other staples delivery market.

In an investor call July 6, Uber CEO Dara Khosrowshahi cited the potential for new customers using the company’s expanding delivery services to also eventually help revive the flagship ride-share business as they become familiar with Uber’s operations, according to…

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For more information, visit the company’s website at www.Uber.com.

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