Oct 12, 2019

Uber rides into grocery delivery

Rashaan Ayesh

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.

The big picture: Other companies such as DoorDash and Postmates are also trying to expand their delivery options. It's proving difficult for businesses to balance customer cost against making a profit in the food retail space.

  • Delivering groceries can help increase sales, but it's costly to implement and profits have been less than noteworthy so far this year, the Wall Street Journal notes.

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Kia Kokalitcheva

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.

Keep ReadingArrowOct 14, 2019
Kia Kokalitcheva

Uber sets up "Uber Money" division focused on financial services

Photo: Denis Charlet/AFP/Getty Images

Uber has set up a new division, Uber Money, that will house its financial services products for riders and drivers, such as digital wallets and debit and credit cards.

Why it matters: While Uber and rival Lyft have already provided some standalone services like letting drivers cash out their earnings instantly and a credit card for riders, other ride-hailing companies around the world, like Grab and Gojek, have long offered fuller suites of services.

Go deeper: Uber rides into grocery delivery

Keep ReadingArrowOct 28, 2019
Sara Fischer

Media's growing appetite for food content

Media's growing appetite for food content

Media companies looking to expand outside of advertising, and especially into commerce, are increasingly following the same path down the grocery aisle.

Why it matters: Food and beverage caters to nearly every demographic. When launching forays into commerce, media companies are finding this an easy place to start.

Go deeperArrowOct 29, 2019