Uber

Uber lays off 350 employees in third round of cuts

Photo: Denis Charlet/AFP/Getty Images

Uber's ongoing layoffs continued Monday, with the company announcing cuts of about 350 employees across multiple units, including food delivery service Eats and its autonomous driving unit ATG, TechCrunch first reported and Uber confirmed to Axios.

Why it matters: This is the 3rd wave of layoffs in recent months at the company, which has been trying to cut costs and show investors a clearer path to eventual profitability. Uber's stock price, which is still not back to IPO levels, went up 4% on the news.

Uber rides into grocery delivery

Uber Eats sign on a door
Photo: Smith Collection/Gado/Getty Images

Uber has struck a deal to acquire a majority stake in grocery-deliver company Cornershop, as it tries to take a bigger bite out of the food retail market, the Wall Street Journal reports.

Why it matters: Uber is working to expand its business model beyond ride-hailing with its latest acquisition alongside its food-delivery service Uber Eats, per WSJ.