Uber Technologies, Inc. (NYSE:UBER)) announced today several strategic decisions with respect to Uber Eats’ operations.
Uber announced it would fully discontinue Uber Eats operations in the Czech Republic, Egypt, Honduras, Romania, Saudi Arabia, Uruguay and Ukraine by June 4, 2020. It is said in SEC filling statement, signed by Uber CEO Dara Khosrowshahi, that Uber Rides operations are not affected.
Furthermore, UBER announced it would transfer Uber Eats business operations in the United Arab Emirates (UAE) to Careem, its wholly-owned subsidiary. Consumers and restaurants using the Uber Eats app in the UAE will be transitioned to the Careem platform in the coming weeks, after which the Uber Eats app will no longer be available.
According to UBER:”These decisions were made as part of Uber’s ongoing strategy to be in first or second position in all Eats markets by leaning into investment in some countries while exiting others.“
The price of Uber Technologies Inc (NYSE: UBER) went down 6.21% on Friday and are down again (3.13%) in pre-market on Monday.