Uber to acquire food delivery service Cornershop
FILE - In this Friday, Aug. 16, 2019 file photo, the logo for Uber appears above a trading post on the floor of the New York Stock Exchange. (AP Photo/Richard Drew, file)
The Associated Press
Published Friday, October 11, 2019 1:06PM EDT
Ride-hailing service Uber is acquiring Cornershop as it tries to gain a foothold in the Latin American grocery delivery business.
Financial details of the deal were not disclosed.
San Francisco-based Uber, whose $5.24 billion loss last quarter was its largest ever, has been expanding its offerings to include food delivery and other forms of transportation, such as scooters and bikes. Those services are being added to its main ride-hailing app, which the company hopes will help it generate more revenue and eventually turn a profit.
Santiago, Chile-based Cornershop does business there, as well as in Mexico, Peru and Toronto.
Shares in Uber rose more than 4% to $30.03 in midday trading, but have lost about a third of their value since going public in May at $45 per share.