Uber said on Monday it would buy Postmates in a $2.65-billion deal, looking to expand its reach into the food-delivery market as the coronavirus crisis upends its core ride-hailing business.
Uber Technologies said on Wednesday trip requests were gradually picking up, but still remained significantly below prior year levels, as several countries start to lift coronavirus-led restrictions.
Dramatic changes at Uber represent a humbling of the ride-hailing giant, which has offices all over the world and has advertised its ambitions to become a one-stop-shop for global travel.
Uber Technologies will concentrate on its core businesses in ride-hailing and food delivery after the company announced a second round of job cuts during the coronavirus pandemic.
Uber Technologies will eliminate 3 700 jobs and permanently close 180 driver service centres, the first in a series of cost-cutting measures to be announced in the next two weeks.
Uber Technologies said it will deliver a first-ever quarterly profit by the end of the year, signalling that cost-cutting measures are exceeding even the company’s own recent expectations.
Uber Technologies co-founder and former CEO Travis Kalanick is stepping down from the board to focus on his new business and philanthropic endeavours.
Uber Technologies’ biggest market in Europe is at risk after regulators revoked the ride-hailing service’s licence to operate in London for the second time in less than three years.
Uber Technologies has lost its licence in London for the second time in less than three years, putting one of its biggest markets outside of the US at risk.
Uber Technologies disappointed investors with quarterly results showing lacklustre gains in bookings and monthly active users, two of the metrics most closely watched by Wall Street.