Uber to Exit Food Delivery in Italian and Israeli Markets, Focus Shifts to Sustainable Growth

Uber Technologies, Inc. UBER is reportedly planning to shut its food delivery business in Italy and exit Israel.

The company has not built "sufficient market share" in these places, owing to which it is planning a cessation, Reuters reported citing an anonymous company spokesperson.

The moves were "in line with our efforts to focus on markets where we have opportunities for sustainable growth," the report added, quoting the spokesperson. 

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CEO Dara Khosrowshahi has said Uber will invest only in markets where it can be the largest or second largest player, mentioned the note.

If the move happens, around 50 Uber employees and thousands of non-employee couriers and restaurants would be affected in Italy.

Price Action: UBER shares are trading higher by 3.93% to $42.89 on the last check Thursday.

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