UBER - Uber reportedly weighing spinning off freight logistics unit
2023-03-08 16:10:42 ET
- Uber Technologies ( NYSE: UBER ) is reportedly looking into parting with its freight logistics division, either via an initial public offering or outright sale.
- The San Francisco-based Uber ( UBER ) would make the move to continue focusing on its ride-sharing and food delivery businesses, Bloomberg reported, citing people familiar with the matter.
- The news outlet added that the freight unit has struggled in recent months and is in the process of laying off 3% of its workforce, as it deals with a cyclical downturn in the business. If it decides on an IPO, it may not come until next year.
- The unit accounts for 18% of Uber's ( UBER ) total revenue, generating $1.5B in its most recent quarter.
- Uber ( UBER ) shares fell nearly 1% on Wednesday.
- On Tuesday, Uber ( UBER ) signed a new partnership with Tampa International Airport for mobile ordering .
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Uber reportedly weighing spinning off freight logistics unit