What's Driving Uber Stock Higher After Hours?

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.