Uber Technologies Inc (NYSE: UBER) has launched Explore, which lets customers get discounts for rides to popular destinations, book reservations at restaurants, and buy concert tickets. This move is in line with the company’s goal to turn its ride-hailing app into a lifestyle product.
For years now, Uber has expressed its wish to expand from a ride-hailing company. It has done several things to achieve this, including venturing into grocery and food delivery. Despite these moves, the company still wants its customers to remember Uber’s foundation while adding other services to its portfolio.
Uber will expand its food delivery business
The company also plans to expand its food delivery devices in Germany after realizing high growth. Uber has seen a lot of success in the German market since its entry in 2021. It has also experienced success in other regions, including the Middle East and Africa.
To promote its grocery delivery services, Uber is collaborating with Cardenas Markets. The companies will offer on-demand grocery delivery in all Cardenas locations.
Meanwhile, Uber’s Careem will invest in a successful Egyptian delivery app, elmenus. The partnership will connect the companies with over 12,000 eateries in 5 cities. Moreover, it will enable Careem to venture into other markets in the country.
Analysts advise investors to buy Uber despite a drop in stock
Uber has underperformed the S&P 500 and gone down by 23%. This decline is due to inflation going up and the effect of COVID-19 on ride-hailing companies. Despite these issues, this could be a good time for investors to buy Uber stock.
Even with the pandemic challenges, Uber’s growth has stayed strong. Most of its growth came from its food delivery business which the pandemic accelerated. While this growth could go down as COVID restrictions ease, the company could remain strong as the re-opening of restaurants has not impacted it.
As Super Pumped: The Battle For Uber becomes more popular, critics take note of the former CEO, Travis Kalanick’s behavior. The T.V show makes it more evident why he was ousted from the company.
In Kalanick’s time as CEO, the company faced many accusations of sexual harassment, sexism, discrimination, and verbal abuse. Kalanick himself was criticized for calling the company Boob-er as the company brought him women on demand.
