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The pandemic has more than doubled Americans’ use of food-delivery apps, but that doesn’t mean the companies are making money
Delivery apps have become more important for both business owners and their customers as more people order takeout and groceries during the coronavirus...
MarketWatch · 17h ago
The pandemic has more than doubled Americans use of food-delivery apps, but that doesnt mean the companies are making money
Delivery apps have become more important for both business owners and their customers as more people order takeout and groceries during the coronavirus...
MarketWatch · 17h ago
A $100 Billion Valuation Poses Risk For Fintech Star
(Bloomberg Opinion) -- If you’re in the business of selling picks and shovels for the gold rush, then there’s a logic to raising money when the scramble is at its most frenzied.Stripe Inc. co-founders Patrick and John Collison certainly get the idea. The Irish brothers are raising funds for their online payments company at a valuation of between $70 billion and $100 billion, Bloomberg News reported on Tuesday. In April, the San Francisco-based firm was valued at just $36 billion. But soaring private valuations do come with a risk.Stripe is a beneficiary of the virus-induced lockdowns. E-commerce was booming before Covid-19 struck, but global stay-at-home orders have taken things to a whole new level. Online sales grew an average of 15% annually between 2010 and the start of this year, according to the U.S. Census Bureau. Then in the three months through June, they jumped 45% from a year earlier, as shops were shuttered and spending shifted online. The pace of growth decelerated to 37% in the third quarter as some lockdown measures eased.The increase must have been good news for the Collisons, whose firm takes a cut of payments made to merchants that use its products. As a private company, Stripe doesn’t publish any of its financials, but publicly traded Dutch competitor Adyen NV provides a useful yardstick.The Amsterdam-based rival said that the weekly volume of online retail payments it processed almost doubled between January and mid-September. Even though its overall pace of sales growth almost halved — it’s been held back by significant exposure to the travel industry, where payment volumes fell by about two-thirds in the same period — Adyen’s stock has more than doubled since the start of the year. As of Wednesday, it’s valued at 48 billion euros ($57 billion).Stripe is tracking that same trajectory: A new valuation of $70 billion would represent a doubling since April. The companies are broadly similar, offering a global product that no others have yet managed to match. But their customer base has differed, according to ABN Amro Bank NV analyst Cor Kluis. Adyen has historically focused on large multinational clients such as Uber Technologies Inc., eBay Inc., Gap Inc. and Booking Holdings Inc., while Stripe has concentrated on smaller businesses, he said. That has allowed Adyen to charge less than Stripe, since it’s more affordable to scale your services for large clients than for a panoply of smaller ones. Increasingly, though, the payments processors are encountering each other in the middle, as Stripe extends its offering upward into medium-sized companies and Adyen moves downward into the same space.There will be unanswered questions about Stripe’s valuation, though, particularly if it lands at the upper end of the reported range. The accelerated adoption of e-commerce this year might make it harder to replicate the pace of growth in the years to come.The new funding round might give the Collisons the choice of pushing any prospective initial public offering further down the line, but a punchy private valuation might also make such a delay necessary. If e-commerce growth slows once life returns to a semblance of normality, then justifying a $100 billion valuation to the public markets could be tougher. Silicon Valley stars from Lyft Inc. to Slack Technologies Inc. have shown that life under the withering gaze of public investors can be difficult — both stocks continue to trade below their IPO price.There’s a lot to be said for making hay while the sun shines. But beware of sunburn.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Alex Webb is a Bloomberg Opinion columnist covering Europe's technology, media and communications industries. He previously covered Apple and other technology companies for Bloomberg News in San Francisco.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Bloomberg · 1d ago
Brad Gerstner's hedge fund is betting on economy reopening with stocks like Uber, adds Snowflake IPO
The hedge fund built sizable new positions in Unity Software as well as Snowflake.
CNBC.com · 1d ago
Uber, Lyft, DoorDash Can Pay Gig Workers Up To 15% Compensation In Stock Under New SEC proposal
The Securities and Exchange Commission announced a new proposal on Tuesday, which could allow companies like Uber Technologies Inc (NYSE: UBER) a
Benzinga · 1d ago
DoorDash's Financials Bode Well for its IPO
In addition to seeing blistering growth, the U.S. restaurant-delivery leader has been cash-flow positive this year. That makes for quite the contrast with Uber's Delivery unit....UBER
TheStreet.com · 1d ago
Didi launches service in Mexico for women to select only female passengers
Chinese ride-sharing company Didi began rolling out a service in Mexico this week to let female drivers select only other women as their passengers, a move aimed at encouraging their safety as the country confronts worsening gender violence. Called "Didi Mujer," or Didi Woman, the program is being piloted in Mexico City, Guadalajara, Monterrey and Tijuana, and Didi hopes if more women join the platform, passengers eventually will be able to exclusively choose female drivers. Didi's rival, Uber Technologies Inc, earlier this month also launched an option for female drivers in Mexico to select only women passengers, in line with a similar Uber program in Saudi Arabia.
Reuters · 1d ago
'Halftime Report' Traders Advise Viewers On XPO Logistics, Uber And Thermo Fisher
On CNBC's "Fast Money Halftime Report," Stephanie Link said she likes XPO Logistics Inc (NYSE: XPO) very much.
Benzinga · 1d ago
Final Trades: Coca-Cola, Uber, ViacomCBS & more
The "Halftime Report" traders give their top picks to watch for the second half.
CNBC.com · 1d ago
DoorDash settles with DC AG for $2.5 million over claims it misled users on driver tips
The settlement comes less than two weeks after DoorDash filed its prospectus to go public.
CNBC.com · 1d ago
'Halftime Report' Final Trades: Coca-Cola, Uber And More
On CNBC's "Fast Money halftime Report," the investment committee gave their finals trades of the day. Hightower Chief Investment's Stehpanie Link likes Coca-Cola Co (NYSE: KO), and notes this is a reopening stock and the company has great product innovation.
Benzinga · 1d ago
20 Best Stocks To Buy Right Now According To Hedge Funds
Below we presented the list of 20 best stocks to buy right now according to hedge funds. Click to skip ahead and see the 10 best stocks to buy according to hedge funds. We finally finished processing 13F filings from 817 hedge funds and prominent investors. Our research has shown that one of the best […]
Insider Monkey · 1d ago
Uber For Trucks — Manbang — Piles On Another $1.7B Funding Over Google, SoftBank's, Ahead Of Highly-Anticipated IPO
SoftBank Group Corp (OTC: SFTBY)-backed Manbang, a trucking startup, raised $1.7 billion in its latest funding round, TechCrunch reported Tuesday.
Benzinga · 2d ago
Uber, Lyft Secure $810M Federal Transportation Contract
Ride-hailing companies Uber Technologies Inc (NYSE: UBER) and LYFT Inc (NASDAQ: LYFT) have bagged a federal contract, worth up to $810 million, from the U.S. General Services Administration.
Benzinga · 2d ago
Restaurant tech start-up Toast soars to $8 billion valuation seven months after cutting half its staff
Toast expected a massive drop in business when the pandemic first hit, but the company has bounced back and is giving shareholders a chance to sell some stock.
CNBC.com · 2d ago
Daily Crunch: Snapchat adds Spotlight
Snapchat introduces a TikTok-style feed, Amazon Echo Buds add fitness tracking and Vettery acquires Hired. Snapchat has introduced a dedicated feed where users can watch short, entertaining videos — pretty similar to TikTok. Starting today, users will be able to send their Snaps to the new Spotlight feed.
TechCrunch · 2d ago
Mario Cibelli Cuts Simply Good Foods, Adds Stitch Fix in 3rd Quarter
Guru shuffles several top holdings
GuruFocus.com · 2d ago
Uber refused permission to dismiss 11 staff at its EMEA HQ
Uber has been refused permission to dismiss 11 people at its EMEA headquarters in Amsterdam by the Dutch Employee Insurance Agency (UWV), the ride hailing company has confirmed. The affected individuals did not take up an earlier severance offer as part of wider Uber layoffs earlier this year. Uber announced major global layoffs of around 15% of its workforce in May -- which included around 200 staff based in Amsterdam -- blaming the cuts on changes to demand caused by the coronavirus pandemic.
TechCrunch · 2d ago
Analysis: What Greenbriar And BlackRock's Digital Freight Brokerage Deals Mean
Goodbye 2020, hello 2018? Recent forays by Greenbriar and BlackRock into cash-burning digital freight brokerages reveal a shifting landscape for capital across asset classes that holds profound implications for venture capital-backed freight tech startups.
Benzinga · 3d ago
U.S. federal government awards transportation contract to Uber, Lyft
Uber Technologies Inc and Lyft Inc have been awarded a federal contract worth up to $810 million to offer their ride-hail services to public agencies and their more than 4 million employees and contractors across the country. The General Services Administration (GSA), which manages services for federal agencies, issued its final five-year award on Monday, said Veronica Juarez, Lyft's vice president of social enterprise and government.
Reuters · 3d ago
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About UBER
Uber Technologies, Inc. (Uber) develops and operates technology applications supporting a variety of offerings on its platform. Its operating segments include Rides, Eats, Freight, Other Bets, and Advanced Technologies Group (ATG) and Other Technology Programs. The Rides products connect consumers with drivers who provide rides in a variety of vehicles, such as cars, auto rickshaws, or taxis. The Eats offering allows consumers to search for restaurants, order a meal and have the meal delivered. Freight connects carriers with shippers on its platform and gives the ability to book a shipment. The Other Bets segment consists of multiple investment stage offerings, including new mobility offering that refers to products that provide consumers with access to rides through a variety of modes, including electronic scooters. The ATG and Other Technology Programs segment is responsible for the development and commercialization of autonomous vehicle and ridesharing technologies.
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