Uber stock rises after Freight spinoff report
Uber Technologies Inc. (UBER) shares rose in extended trading Wednesday, up about 3%, after a report that the company is considering spinning off its struggling freight business. The ride-hailing giant may sell or spin off Uber Freight as a separate publicly traded company, Bloomberg reported, citing unnamed sources. On Monday, Uber Chief Executive Dara Khosrowshahi said during the Morgan Stanley Technology, Media and Telecom Conference that "the freight markets and the shipping markets have gone negative pretty substantially," and that it had a negative effect on the company's freight business. But he said "it's something that we can kind of take in and adjust," and that he expected a good long-term environment for the freight business. An Uber spokesperson did not immediately return a request for comment Wednesday. The company's stock fell less than 0.4% in regular trading to $34.01.
-Levi Sumagaysay
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March 08, 2023 16:37 ET (21:37 GMT)
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