Uber Technologies Inc UBER shares are trading lower by 3.4% at $48 after the company announced it inked an agreement with Cornershop Global LLC's minority shareholders to acquire its remaining 47% stake in online grocery provider Cornershop for 29 million Uber shares.
Uber is a technology provider that matches riders with drivers, hungry people with restaurants and food delivery service providers, and shippers with carriers. The firm's on-demand technology platform could eventually be used for additional products and services, such as autonomous vehicles, delivery via drones, and Uber Elevate, which, as the firm refers to it, provides "aerial ride-sharing."
Uber is headquartered in San Francisco and operates in over 63 countries with over 110 million users that order rides or foods at least once a month. Approximately 76% of its gross revenue comes from ride-sharing and 22% from food delivery.
Photo courtesy of Uber.
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