Uber Technologies Inc (NYSE: UBER) stock is not in its best shape. The stock slumped nearly 15% in the last month alone.
Uber Technologies Inc stock is under pressure
Uber Technologies Inc’s stock is under pressure. The lockdowns imposed in a bid to curb the coronavirus impacted the stock. The growing concerns due to the delta and omicron variants have put the stock under pressure.
The reality is not as bad as it sounds
However, according to reports, the situation is not as bad as it sounds. The U.S. FDA has authorized the use of oral therapeutics to treat coronavirus. Additionally, studies in the U.K. point out that the omicron variant may not be a cause of concern as anticipated. All this could be good news for its business.
Uber Technologies Inc’s food delivery business recorded close to double revenues compared to last year
Uber Technologies Inc’s food delivery business is doing better than it did last year. According to reports, the food delivery arm of the group recorded close to double revenues this year, compared to last year. Thanks to the growing demand for online services this year. Despite this, Uber Technologies Inc’s stock is trading at about $50 per share, and it has registered a premium of 14% over the prevailing market price.
Uber Technologies Inc stock is down by close to 15% compared to last month
The group’s stock is down by nearly 15% compared to last month. Furthermore, the share is also down by 28% year-to-date. The recent worry about the omicron variant of the coronavirus could be one of the reasons this stock has not performed to the best of its ability.
More U.S. citizens are heading outdoors, post the lockdowns
However, post the lockdown, and in the new normal era, the cab business is showing signs of improvement. With more U.S. citizens heading outdoors, the cab riding and cab sharing business is sure to pick up in the days to come. Moreover, the U.S. economy is also recovering positively after the pandemic and the lockdown.
The lockdown was also when people, left with no other choice, were confined to their homes. At this time, a section of U.S. citizens chose to watch shows streamed on various platforms. The most popular are The Northman, Super Pumped: The Battle for Uber, The Silent Sea, Death on the Nile, Doctor Strange in the Multiverse of Madness, among others.
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