- Uber Technologies Inc (NYSE: UBER) looks to discontinue its food-delivery services in Hong Kong on December 31 as it aims to focus on its ride-hailing business.
- Launched in 2016, Uber Eats competed with popular services operated by Deliveroo PLC (OTC: DROOF) and Delivery Hero SE’s Foodpanda, Bloomberg reports.
- Uber, which counts Hong Kong as its most significant Uber Taxi business globally, said it would keep growing its other services. Uber had acquired local taxi-hailing app HKTaxi in August.
- In 2020, Uber sold the Indian operations of Uber Eats to Alibaba Group Holding Ltd (NYSE: BABA)-backed Zomato.
- “We really wanted to focus on delivery business in markets where we could be the leader, we could get to a number one position.” CEO Dara Khosrowshahi said.
- Price Action: UBER shares traded lower by 4.42% at $37.95 in the market session on the last check Tuesday.
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