A Widening Road
One of the most well-known stocks to come out of Silicon Valley in the last decade was Uber, the app that transformed public transportation and made it more accessible. Despite being hit hard by the pandemic in March of 2020, the company has expanded its operations beyond just delivering people from one place to another. For example, last week, Uber announced an update to their delivery services in New York, leading the stock to bounce over 7% during the day. Specifically, Uber announced a collaboration with Nimble, an emerging prescription delivery service.
With this partnership, UberEATS will be able to provide New Yorkers’ prescriptions straight from their local pharmacies. And to further the convenience, customers will be able to access these services within the Uber app itself. But this is just the start for Uber because today they announced a mega $1 billion acquisition of a company called Drizly, an on-demand alcohol delivery service available in 1,400 cities across the US. Once the deal is sealed, Drizly will be integrated into the Uber Eats app.
Uber is crying to expand the scope of what is currently available to be delivered with Ubers, pushing the boundaries of the industry, and creating pressure on competitors like Lyft to step up their game. What do you think Uber will be delivering next?
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.