Uber Eats Beats a Retreat in Seven Countries In Europe, Americas, and Middle East (UBER)

So the days of expansion on all fronts are over and the days of repositioning assets are here.
From AgFunder, May 5:

Uber is ceasing food delivery operations in seven countries, marking the latest in a string of closures and sell-offs aimed at stemming its losses in the ultra-competitive industry.

By June 4, its Uber Eats app will no longer be available in Egypt, Honduras, Romania, Saudi Arabia, Ukraine, Uruguay, and the Czech Republic.

It’ll disappear from app stores in the UAE as well. There, Uber Eats will be merged into the meal delivery service run by regional ride-hailing company Careem, which Uber acquired for $3.1 billion in March last year.

The US company’s ride-hailing services will continue to be available in these markets.

In a regulatory filing with the US Securities & Exchange Commission, Uber said its decision to quit these countries is in line with its “ongoing strategy to be in first or second position in all Eats markets by leaning into investment in some countries while exiting others.”....

....MUCH MORE

Them's some mighty fancy words there mister.