Uber Technologies Inc (NYSE: UBER) has had several shortcomings as a consequence of the pandemic. One such problem is a labor crisis with drivers scared of returning to work, as some are concerned about contracting Covid-19. In contrast, others have retired early for a better work opportunity or to become full-time parents. Other drivers have opted for more traditional jobs.
Uber is getting rid of driver bonuses
Uber is gradually getting rid of bonuses in areas where more drivers resumed service to salvage the situation. The company is also phasing off the rider discounts to control costs and prove that they can grow without the low prices.
When investing in a company, hedge funds and prominent money managers focus on long-term development. As a result, momentary declines will not make them change their opinion of the company.
However, after the pandemic destroyed the high correlations between enormous industries and asset clauses, consumers are now in a stock pickers market, which is the direction of the market has a more negligible effect on the price other than the fundamental of a stock, and have seen the sudden and significant change in hedge fund positions. This notion is visible via the Hedge Fund’s sentiments in Uber technology
Uber focuses on ensuring customer satisfaction
Attempts to reserve its favor with hedge funds, Uber technology has partnered up with several companies to ensure the satisfaction of its consumers. The company got into an arrangement with Bed Bath & Beyond Inc. (NASDAQ: BBBY) and buybuy Baby and is about to launch the baby, and kids vertical in the Uber Eats App. The app assists in getting babies and their families’ urgent essentials delivered to their door.
The company is also working with a London-based startup, Travel Hands, and is about to launch a style app to assist people with sight loss to get help from volunteers. This move is to ease the aftershock of the Covid- 19 pandemic.
Lastly, Uber is reviving its push in South Korea eight years after its first attempt. The company is hopeful that with help from South Korea’s Telecoms (TMAP), the venture would yield positive results.
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