Uber Technologies Inc. (NYSE: UBER) is facing a pre-market plunge of 5.05% on Thursday, continuing the downward trend from Wednesday's trading session. The decline comes in the wake of Domino's Pizza's announcement to expand its partnership with DoorDash, intensifying competition in the food delivery market.
The extended sell-off reflects investor concerns about Uber's position in the food delivery sector, particularly its Uber Eats division. Domino's Pizza's decision to add the DoorDash app for nationwide delivery orders starting in May, with plans to expand to Canada later this year, poses a significant threat to Uber Eats' market share. This move marks a strategic shift for Domino's, which had previously resisted collaborating with third-party delivery services.
Uber Eats has been a crucial growth driver for the company, especially since the COVID-19 pandemic boosted demand for food delivery services. The expanded Domino's-DoorDash partnership could potentially erode Uber Eats' market position and put pressure on its growth prospects. As Uber continues to diversify beyond ride-sharing, this increased competition in the food delivery space is causing investors to reassess the company's valuation and future earnings potential.
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