Uber reportedly pulls back on European expansion, foregoing $1B in projected bookings
UBER is trading near its 52-week low of $67.19 (11% above the low).
Summary
Uber is reportedly scaling back its European expansion ambitions for Uber Eats, which had previously targeted an additional $1 billion in gross bookings over three years across seven new markets. This strategic pivot suggests a more cautious approach to the highly competitive European market. The news follows recent reports of Uber's aggressive pursuit of a takeover of Delivery Hero and subsequent efforts to sound out buyers for some of Delivery Hero's assets in Europe, indicating a broader re-evaluation of its regional strategy.
At the time of this announcement, UBER was trading at $74.35 on NYSE in the Trade & Services sector, with a market capitalization of approximately $151.5B. The 52-week trading range was $67.19 to $101.99. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Crypto Briefing.