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Uber gobbles up Postmates in $2.65 billion bet on food delivery

from NPR

Uber gobbles up Postmates in $2.65 billion bet on food delivery NPR Uber is buying the delivery app Postmates, bolstering its food-delivery business at a time when few people are hailing rides. The $2.65 billion all-stock deal is a sign of how Uber's business model has been turned upside down as customers have stayed home during the coronavirus pandemic. Demand for rides — by far Uber's biggest business — plunged 75% in the second quarter from a year ago, CEO Dara Khosrowshahi told Wall Street analysts in a conference call on Monday discussing the deal. In contrast, orders for its Uber Eats food delivery service doubled during the same three-month period. READ MORE

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