Heard on the Street: Amazon’s investment in U.K.-based Deliveroo means more competitive spending is likely on the menu
The ride-hailer has languished in its first few weeks as a public company, closing down 8% on Monday from its opening day highs on May 10.
Of the frenzy of public offerings this year, Uber’s was one of the most highly anticipated. But the revelation of mammoth marketing costs has disenchanted investors hoping for near-term profits. Now Uber’s food-delivery sideline could add to the pain.
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