Uber Technologies Inc UBER shares are moving higher in extended trading Wednesday following reports that the mobility company is considering spinning off its freight logistics unit.
What Happened: According to a Bloomberg report, Uber is exploring a potential spin off its freight logistics arm to increase its focus on ride hailing and food delivery. The company is reportedly considering both a sale and a separation into another publicly traded company.
Uber reported better-than-expected earnings results last month. The company said freight revenue was up 43% on a year-over-year basis, but had declined 12% sequentially.
Uber's freight business turned in an adjusted EBITDA loss of $8 million last quarter after generating positive EBITDA in the prior quarter.
Uber's mission is to create opportunity through movement. The company was started in 2010 to solve a simple problem: "How do you get access to a ride at the touch of a button?"
UBER Price Action: Uber has a 52-week high of $37.58 and a 52-week low of $19.89.
The stock was up 2.91% at $34.99 at time of publication, according to Benzinga Pro.
Photo: courtesy of Uber.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.