Uber Technologies, Inc. (UBER) will stop restaurant deliveries via its Uber Eats app in Brazil effective March 7, 2022, according to Reuters. Shares of the mobility company dove 2.8% on the news to close at $42.03 on January 6. Uber Eats Brazil Uber faces stiff competition for its restaurant delivery service in Brazil from local players such as Rappi, backed by SoftBank Group Corp., and iFood, which is a part of Movile. In a strategic move, Uber Eats has decided to stop delivering in this segment and instead focus on grocery delivery for its Cornershop and Uber Direct businesses.
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