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MarketScreener Homepage  >  Equities  >  Nyse  >  Uber Technologies, Inc.    UBER

UBER TECHNOLOGIES, INC.

(UBER)
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Delayed Quote. Delayed Nyse - 02/14 04:00:20 pm
39.66 USD   -1.07%
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Uber Sells Indian Food-Delivery Unit to Rival Zomato Media -- Update

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01/20/2020 | 10:10pm EST

By Preetika Rana

Uber Technologies Inc. agreed to sell its Indian food-delivery unit to a local rival, shedding a struggling business in a move that could steer the ride-hailing company toward profitability.

The deal with Zomato Media Pvt. Ltd has been under negotiation since last year and it was formally unveiled on Tuesday in India. It gives Uber a 9.99% stake in Zomato.

The deal comes as Uber Chief Executive Dara Khosrowshahi seeks a path to profitability for the San Francisco-based company after years of at times heavy losses. Last year, he said Uber would deliver an adjusted full-year profit for 2021.

In November, Mr. Khosrowshahi said the company would seek to be the No. 1 or No. 2 food-delivery operator in any market where it competes. If it can't reach that level, he said, it would exit the market.

Uber discontinued food-delivery operations in Vienna in March and, in September, it pulled out of South Korea.

Uber Eats launched in India in 2017. The company has since then spent heavily on discounts to compete with local rivals like Swiggy and Zomato, which was founded in 2008. Private-equity firm Sequoia Capital is a Zomato investor.

The Indian food-delivery business has weighed on Uber's earnings. Uber Eats in India generated 3% of the company's gross food-delivery bookings world-wide over the first three quarters of last year, according to a person familiar with the matter, but it accounted for more than 25% of Uber Eats' global adjusted losses.

Uber will continue to operate in India through its ride-hailing business, where it competes with ANI Technologies Inc.'s Ola.

"India remains an exceptionally important market to Uber and we will continue to invest in growing our local Rides business," Mr. Khosrowshahi said in a statement.

Uber's divestment in India comes at a time of global consolidation in the highly competitive food-delivery sector. In recent months, investor appetite for the deep discounts often required to fuel growth in the sector has soured and many are pushing to make their investments profitable. Shareholders of British food-delivery company Just Eat PLC earlier this month agreed to merge with Takeaway.com NV of the Netherlands. Last month, Germany's Delivery Hero SE agreed to buy a South Korean competitor for $4 billion.

Write to Preetika Rana at preetika.rana@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
DELIVERY HERO SE -0.93% 79.26 Delayed Quote.12.33%
JUST EAT PLC -0.14% 861 Delayed Quote.3.14%
UBER TECHNOLOGIES, INC. -1.07% 39.66 Delayed Quote.33.36%
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Financials (USD)
Sales 2020 17 921 M
EBIT 2020 -3 275 M
Net income 2020 -3 634 M
Finance 2020 2 472 M
Yield 2020 -
P/E ratio 2020 -19,2x
P/E ratio 2021 -32,4x
EV / Sales2020 3,66x
EV / Sales2021 2,99x
Capitalization 68 084 M
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Technical analysis trends UBER TECHNOLOGIES, INC.
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 45
Average target price 48,64  $
Last Close Price 39,66  $
Spread / Highest target 51,3%
Spread / Average Target 22,6%
Spread / Lowest Target -9,23%
EPS Revisions
Managers
NameTitle
Dara Khosrowshahi Chief Executive Officer & Director
Ronald D. Sugar Chairman
Nelson J. Chai Chief Financial Officer
Thuan Pham Chief Technology Officer
Garrett Camp Director
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