Business Casual: Uber Jumps Ship on Jump
As businesses across the globe try to remain afloat during the COVID-19 pandemic, many are rethinking their business models, implementing contingency plans and adjusting operations to adapt to an uncertain economy in order to mitigate risk during this black swan event. However, some companies, such as Uber, have had to take more drastic measures, including jumping ship on specific segments of their business.
In addition to cutting about 14% of their workforce, battered by the coronavirus storm and losing $2.9 billion in the first quarter, Uber announced last week that it was offloading Jump, its bike and scooter business, to Lime (another micro-mobility giant). This maneuver will help to ease some of the company’s financial woes while allowing them to focus future efforts on their rideshare and food delivery business.
On this Business Casual segment, hosts Tyler Kern, Taylor Bagley, and Daniel Litwin discuss whether this step has secured the bag for Uber. Bagley, the star host of MarketScale’s “Securing the Bag” doesn’t seem to think so. Listen to the podcast and see if you agree. Our hosts consider not only how this move will affect the company going forward, but also, how big a wake Uber abandoning ship in the scooter and bike space will make on the micro-mobility industry as a whole.
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