Tag: buying

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Business

Etsy is shopping for the style resale app Depop for $1.6 billion.

Etsy is buying the fashion resale app Depop for $1.6 billion.

Depop, the fashion resale marketplace beloved by Generation Z, is to be acquired by Etsy for $1.6 billion, the two companies announced on Wednesday.

The cash deal, which is expected to close by the third quarter of this year, underscores the growing influence of clothing resale platforms. More shoppers are turning to the secondhand market for something cheaper and — potentially — greener as the overproduction of clothing increasingly adds to landfills.

The trend appears to have been accelerated by the pandemic as more shoppers looked to declutter wardrobes, earn cash by selling their old clothes or set up fashion customization businesses from their bedrooms.

Investor appetite is also on the rise. Last month, Europe’s largest secondhand fashion marketplace, Vinted, raised 250 million euros in a funding round that valued the start-up at €3.5 billion ($4.26 billion), while in the United States companies such as ThredUp and Poshmark have gone public this year.

Depop, which was founded in 2011, has been particularly successful in building a marketplace for younger consumers, who are adopting secondhand fashion faster than any other group. Ninety percent of its users are under 26, with 30 million users across 150 countries. The platform is particularly known for its vintage clothes and streetwear — and for creating a new cohort of online influencers famous for selling their wares.

“We are simply thrilled to be adding Depop — what we believe to be the resale home for Gen Z consumers — to the Etsy family,” said the Etsy chief executive, Josh Silverman.

He said he believed the platform had “significant potential to further scale” and said that he saw “significant opportunities for shared expertise and growth synergies” for Etsy’s apparel sector, which was valued at $1 billion last year.

According to the Boston Consulting Group, the global pre-owned apparel market is worth up to $40 billion a year — about 2 percent of the total apparel market. It is expected to grow 15 to 20 percent annually for the next five years.

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Why Jim Cramer says to maintain shopping for dips within the inventory market

Why Jim Cramer says to keep buying dips in the stock market

Investors should benefit from market declines in the short term, CNBC’s Jim Cramer said Tuesday, suggesting that there are a number of positive catalysts that will drive stocks higher.

“The stock market is cyclical. When so many are running at once, the averages are usually pretty damn resilient,” said the host of “Mad Money,” shortly after the S&P 500 and the Dow Jones Industrial Average both fell % had decreased. “So I think you have to keep buying the dips. There is just too much to like.”

While he said the Federal Reserve would eventually adjust its highly accommodative monetary policy, Cramer claimed there was a “rush of minor bull cases” to support the market until the central bank’s actions pose a more imminent threat.

Most important among them is the resilient reopening of the economy this summer as Covid vaccinations allow for more activity, Cramer said. In addition to seeing more upside in cruise and casino stocks, Cramer was optimistic about theme park operators like Disney and Cedar Fair.

Mall operators like Simon Property Group and their tenants like L Brands and Gap have also recovered more than expected, Cramer said.

The booming economy is also lifting cyclical stocks from agricultural stocks like Deere to steelmakers Nucor, Cleveland-Cliffs and United States Steel Corporation, according to Cramer. He added that the real estate cycle still appears to be strong, which benefits stocks in areas like Lennar.

“Then there’s the bull market in health insurance,” Cramer said, pointing to UnitedHealth, Centene, Cigna, Humana and Aetna-Parent CVS. “They just say welcome aboard. They can be bought on any rare bath.”

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Business

Traders solely shopping for ‘inflation winners’ needs to be cautious

Investors only buying 'inflation winners' should be careful

CNBC’s Jim Cramer said Thursday that investors buying stocks that benefit from an inflationary environment should be aware that price pressures may not continue, underscoring the need for portfolio diversification.

This has become a very popular trade right now, the Mad Money host said, as money managers followed what he called “the hedge fund game book.”

“In this game book, it’s very clear what to do when you start getting inflation in a fast-growing economy: buy the inflation winners at any cost and drop everything else,” said Cramer, himself a former hedge fund manager .

Some of those stocks are obvious, like mining company Freeport-McMoRan and steelmakers Cleveland-Cliffs and Nucor, according to Cramer. He said industrial giant Caterpillar is on the list alongside oil companies.

Bank stocks have also become popular despite inflation concerns because “this is not a traditional inflation boost,” said Cramer. Typically, this can cause problems for the financial industry.

“Right now, raw material prices are rising due to short-term considerations: tariffs on sawn timber and steel, an energy policy that prevents new oil wells, a superstorm that has destroyed much of our plastic capacity, a terrible chip shortage, a persistent port congestion, rising and higher labor costs fueled by more generous ones Unemployment benefits that may make it better not to work than to work, ”Cramer said.

That makes banks “an excellent hedge for now,” he said, because if inflation continues – rather than temporarily, as Fed chairman Jerome Powell repeatedly predicts – the central bank will respond by changing the rate Interest rates increased. That in turn would help the banks, said Cramer.

“To be honest, I’m not crazy about this type of investing,” he warned. “I am increasingly convinced that Powell is right – the inflation we are dealing with will be temporary. It will happen when demand picks up again and supply takes a while to catch up.”

Ultimately, said Cramer, he expects the causes of inflation to subside.

“Of course you can buy these inflation winners, but remember that this type of action is more temporary,” he said. “There is only such a high price for copper or steel before the whole thing corrects itself. And when it does … you will wish to have more than just the glowing supplies of minerals, oils and oil banks. “

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The inventory market is creating shopping for alternatives

The stock market is creating buying opportunities

CNBC’s Jim Cramer said Friday that investors should be ready to find buying opportunities on the stock market while the earnings season is in full swing.

When companies report quarterly results, market participants are quick to digest the numbers and Wall Street is prone to make a lot of mistakes, he said, citing trade measures in Honeywell and American Express as an example.

“Next week there will be reports that encounter negativity and not all of them will be really bad. So I urge you to take advantage of this weakness,” said the Mad Money host.

Given that well-known brand names like Boeing, Microsoft, Starbucks, and Amazon are set to report, this will be the most brutal part of the earnings season, he added.

“As we get closer to the next five days of earnings, you need to think about what is being hit as badly as what is working, as this market creates some incredible buying opportunities,” said Cramer.

Cramer announced his schedule for the coming week. The earnings per share forecasts are based on FactSet estimates:

Monday: Tesla

Tesla

  • Publication of results Q1 2021: after the start of the market; Conference call: 5:30 p.m.
  • Projected EPS: 75 cents
  • Estimated Revenue: $ 10.48 billion

“These numbers don’t just affect Tesla itself. There are dozen of electric vehicle SPACs, smaller inventories that Tesla need to be successful as it gives legitimacy to the whole group,” Cramer said. “I like Tesla at these levels. I bet the quarter will be good.”

Tuesday: Alphabet, Microsoft, Starbucks and Advanced Micro

alphabet

  • Publication of results Q1 2021: after the start of the market; Conference call: 5 p.m.
  • Projected earnings per share: $ 15.70
  • Estimated Revenue: $ 51.38 billion

“We have to focus on Google Cloud. I think it steals the show. I like it a lot,” said Cramer.

Microsoft

  • Q3 2021 Results publication: After Market; Conference call: 5:30 p.m.
  • Projected earnings per share: $ 1.78
  • Estimated Revenue: $ 41.04 billion

“Microsoft’s stock has risen so much that it has to report a monster neighborhood with huge Azure numbers. The funny thing is, I think they probably will. I say stick with it,” he said.

Starbucks

  • Q2 2021 Results publication: After Market; Conference call: 5 p.m.
  • Projected EPS: 53 cents
  • Estimated Revenue: $ 6.78 billion

“The Chinese business should be very strong, but the US is still moving to a new world where it is the only game in town,” the hosts said. “Starbucks had a monster run last year in anticipation of the grand reopening and that call, well it might be too early. I’m looking for a retreat.”

modern micro devices

  • Publication of results Q1 2021: after the start of the market; Conference call: 5 p.m.
  • Projected EPS: 44 cents
  • Estimated Revenue: $ 3.18 billion

“I bet Lisa Su, the relentless CEO, will tell a great story. And unlike so many other semiconductor names, her stock actually fell 10% over the year, which means she might be ready to rock,” he said.

Wednesday: Boeing, Apple, Ford Motor and Facebook

Boeing

  • Earnings release for the first quarter of 2021: ahead of the market; Conference call: 10:30 a.m.
  • Estimated losses per share: 96 cents
  • Estimated Revenue: $ 15.41 billion

“If you are like me and you think we could be heading for an unprecedented economic boom, including the largest travel attack in this nation’s history, you want to own the company that will benefit the most, and that is Boeing.” Said Cramer.

Apple

  • Earnings release for the 2nd quarter 2021: 4:30 p.m. Conference call: 5 p.m.
  • Projected EPS: 98 cents
  • Estimated Revenue: $ 76.71 billion

“Apple’s stock was lagging behind until recently. It caught fire as we chatted about better cell phone sales and a major potential intrusion into the company,” he said.

Ford engine

  • Earnings release for the first quarter of 2021: 4:05 p.m. Conference call: 5 p.m.
  • Projected EPS: 21 cents
  • Estimated Revenue: $ 36.13 billion

“Despite the lack of chips, I am expecting excellent numbers,” said the hosts. “Ford is worth buying.”

Facebook

  • Publication of results Q1 2021: after the start of the market; Conference call: 5 p.m.
  • Projected earnings per share: $ 2.34
  • Estimated Revenue: $ 23.72 billion

“Judging from what we heard from Snap last night … I think you’d have to believe Facebook is going to knock it out of the park,” he said. “Once again, it’s not too late to be a buyer on Facebook as I think it’s reaching an all-time high.”

Thursday: Amazon, Skyworks

Amazon

  • Publication of results Q1 2021: after the start of the market; Conference call: 5:30 p.m.
  • Projected earnings per share: $ 9.49
  • Estimated Revenue: $ 104.49 billion

“The stock has been kicking water for months precisely because people are concerned about the year-on-year comparisons,” Cramer said. “I think the company has gained new followers … I think the stock still works.”

Skyworks

  • Q2 2021 Results publication: After Market; Conference call: 4:30 p.m.
  • Projected earnings per share: $ 2.35
  • Estimated Revenue: $ 1.15 billion

“I predict a real blowout,” he said.

Friday: Exxon Mobil, Chevron, Clorox, Colgate

Exxon Mobil

  • Earnings release for the first quarter of 2021: 6:30 a.m. Conference call: 9:30 a.m.
  • Projected EPS: 60 cents
  • Estimated Revenue: $ 56.38 billion

Chevron

  • Earnings release for the first quarter of 2021: ahead of the market; Conference call: 11 a.m.
  • Projected EPS: 89 cents
  • Estimated Revenue: $ 32.54 billion

“When I listen to the oil people, I get the kind of positive vibes I haven’t heard in years. With prices rising and costs falling, I think these two companies might surprise upside,” Cramer said.

Clorox

  • Q3 2021 Results to be published: before the market; Conference call: 1:30 p.m.
  • Projected earnings per share: $ 1.47
  • Estimated Revenue: $ 1.86 billion

Colgate

  • Earnings release for the first quarter of 2021: ahead of the market; Conference call: 8:30 a.m.
  • Projected EPS: 79 cents
  • Estimated Revenue: $ 4.27 billion

“Wall Street is prudent about both,” he said. “I can’t say your stocks will do well when they report … at best they are battlefield stocks and there is no reason to approach a battlefield not in this market.”

Disclosure: Cramer’s charitable foundation owns shares in Amazon, Ford, Boeing, Facebook, Alphabet, Honeywell, Microsoft, and Starbucks.

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Business

Financial institution and cyclical shares are price shopping for on a dip

Bank and cyclical stocks are worth buying on a dip

The weakness seen in banks and cyclical stocks on Monday will be short-lived and investors should buy them right now, CNBC’s Jim Cramer said.

“If you look at the stocks that hit today, I don’t think they’re going to stay down,” said the Mad Money host, noting the “counter-trend rally” on behalf of Monday’s stay-at-home session “won’t have legs.”

Darden restaurants and Norwegian Cruise Lines – names hit hard by Covid restrictions – fell 3.5% and 2.3%, respectively. Bank stocks like JPMorgan Chase and Citigroup each fell more than 1%. Shares in Clorox and Procter & Gamble – two companies that outperformed at the start of the pandemic – rose 2.6% and 1.6%, respectively.

“The main lesson today is that this market is volatile, so don’t throw it away … [these] Shares when they fall, “said Cramer.

Cramer said he expected the bank to move higher and cyclical stocks to pull back during the session. He also recommended investors buy shares in Disney and Boeing, two companies linked to travel and reopening the economy.

Cramer added that such days can be used by investors to reduce holdings in lockdown games and switch to stocks that can benefit from an economic recovery.

“Sooner or later the rotation is going to change direction, which means money is flowing back to the big reopening stocks – the banks and the cyclicals – so you want to use days like today and maybe tomorrow,” Cramer said, “to get them in the weakness to buy. ” while you trim your positions in the lockdown stocks. “

Disclosure: Cramer’s charitable foundation owns shares in Disney and Boeing.

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Questions for Cramer?
Call Cramer at 1-800-743-CNBC

Would you like to dive deep into Cramer’s world? Open it up!
Mad Money Twitter – Jim Cramer Twitter – Facebook – Instagram

Questions, comments, suggestions for the Mad Money website? madcap@cnbc.com

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World News

Bitcoin (BTC) surges again above $50,000 after extra shopping for from Sq.

Bitcoin (BTC) surges back above $50,000 after more buying from Square

The price of the Bitcoin virtual cryptocurrency is shown in this photo on a phone screen.

STR | NurPhoto | Getty Images

Bitcoin’s price soared again on Wednesday after a sharp sell-off and surged again above $ 50,000 when Square announced that the $ 170 million worth of the cryptocurrency had been purchased.

According to Coin Metrics, the world’s most valuable digital coin rose 7.5% at 4 a.m. to a price of $ 50,683. The cryptocurrency rose to $ 51,369 a few hours earlier.

Other cryptocurrencies also got a boost: Ether and XRP rose 11.3% and 7.4%, respectively. So-called altcoins or alternative cryptocurrencies often increase in times of the strength of Bitcoin.

On Tuesday, Square announced it had bought 3,318 bitcoins at an average price of around $ 51,235. The fintech company, led by Jack Dorsey, CEO of Twitter, said Bitcoin now accounts for about 5% of its total assets.

It’s not the first time Square has invested in Bitcoin – the company bought the digital currency for $ 50 million last year. Dorsey is one of the best-known proponents of Bitcoin, having once said that he believes it will eventually become the “single currency” of the internet.

Bitcoin had a difficult start to the week, falling from a record high of $ 58,356 on Sunday to just $ 45,501 on Tuesday. It’s not uncommon for Bitcoin to experience wild volatility attacks – the digital token infamously rose to nearly $ 20,000 in 2017 before entering the bear market the following year.

Bitcoin is still up more than 70% since the start of the year and over 400% in the past 12 months. The formidable rally in crypto assets caught the attention of everyone from Tesla CEO Elon Musk to US Treasury Secretary Janet Yellen.

Earlier this week, Yellen described Bitcoin as an “extremely inefficient” means of payment and warned against its use in illegal activities.

“It’s a highly speculative commodity and … I think people should be aware that it can be extremely volatile,” the former Federal Reserve chairman told the New York Times at a DealBook conference. “I am concerned about the possible losses that investors may suffer.”

Musk is now a fan of Bitcoin. His electric car company recently invested $ 1.5 billion in corporate money in the cryptocurrency, and the billionaire tech entrepreneur said it could be “close to widespread adoption” by traditional financial services companies.

But even Musk has suggested that the current price level of Bitcoin may not be sustainable and tweeted over the weekend that he thinks the prices of Bitcoin and competing token ethers are “high”.

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Vroom guarantees torture-free automotive shopping for

Vroom promises torture-free car buying

Used car dealer Vroom buys and sells vehicles online without consumers having to go to a physical dealer.

Screenshot

Online used car dealer Vroom is buying its first Super Bowl airtime Sunday to introduce the company to the 100 million or so fans who watch the game every year – and to poke fun at its competition.

Vroom buys and sells vehicles online without customers having to go to a dealer. The 30-second Super Bowl ad, titled “Dealership Pain,” focuses on pressure to buy a vehicle through a traditional auto dealer.

“We felt that the Super Bowl would be such an opportunity for us to get that message across about our brand promise. That means you never have to go to a dealer again,” said Peter Scherr, Vroom’s chief marketing officer CNBC. “We felt this was a way of creating a new normal for Vroom for buying and selling cars. And we will continue that dynamic into 21”.

Vroom’s business is similar to Carvana, a larger e-commerce platform for buying and selling used cars. Rather than reaching out to such a competitor, Vroom focused on physical dealerships in general – a much larger market than Carvana’s customers, who are already knowledgeable about buying a car online.

“The way we see it, our traditional competitors are traditional dealers,” said Scherr. “There is plenty of room for us to be successful in the Super Bowl and Carvana is continuing on its road to success.”

Paul Hennessy, CEO of Vroom added, “It just didn’t make sense to pick one of the smallest players in the room and then compete with them. We are competing with the goal of our customers, which are basically traditional traders.”

In the Vroom ad, a car buyer is pressured almost so much by a used car dealer that he is tortured with jumper cables. While the customer asks to leave, the seller leans over to attach the jumper cables to him. The chair and scene turn to the man sitting in his front yard and a woman who is picking up a vehicle from Vroom. “Well, that was painless,” says the actor when the vehicle is delivered.

The Super Bowl ad is part of an advertising campaign for Vroom with similar spots, including one titled “Dealership Deceit,” which aired during Sunday’s AFC championship game for the NFL.

Both Hennessy and Scherr expect the Super Bowl ad to further increase awareness and business for Vroom, which went public in June.

“We’re thinking long term and building a business long term,” said Hennessy. “We expect Vroom to be a household name.”

Vroom’s sales rose 86% to 10,860 vehicles in the first three quarters of last year, which resulted in the company’s revenue increasing 62% to $ 630.5 million in that period compared to 2019. Compared to Carvana, which had sales of nearly 172,000 vehicles and sales of $ 3.8 billion in the first nine months of last year. Both companies are unprofitable.

Vroom’s shares are up about XX% from their initial public offering price of $ 22 per share. The stock closed Tuesday at $ X.XX per share, down XX percent and XX this year.

– CNBC’s Megan Graham contributed to this report.

CUTS
Raise company awareness and build on strong growth during the coronavirus pandemic.

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Robinhood CEO says it restricted shopping for in GameStop to ‘shield the agency and shield our prospects’

Robinhood CEO says it limited buying in GameStop to 'protect the firm and protect our customers'

Robinhood Co-Founder and Co-CEO Vlad Tenev speaks on stage during the TechCrunch Disrupt New York event on May 10, 2016.

Noam Galai | Getty Images for TechCrunch

Vlad Tenev, CEO of Robinhood, said Robinhood’s attempt to stop trading certain speculative names is in the best interests of the company and its millions of users.

“In order to protect the company and our customers, we had to limit the purchase of these stocks,” Tenev told CNBC’s Andrew Ross Sorkin on Thursday evening.

“Robinhood is a brokerage firm, we have a lot of financial requirements. We have SEC net capital requirements and clearinghouse deposits. So this is money that we have to deposit with different clearing houses. Some of these requirements fluctuate significantly in the market and they can be in because of the volatility Given the current environment where there is a lot of volatility and a lot of concentrated activity in these names that have gone viral on social media, “Tenev said.

Tenev denied the firm had any liquidity issues, saying Robinhood had drawn on lines of credit as a proactive measure.

“We want to be able to enable our customers to be as unrestricted as possible in accordance with requirements and regulations,” said Tenev. “So we pulled these lines of credit so that we could maximize the funds we have to deposit with the clearing houses within a reasonable range.”

In the midst of a wild week of speculative retailing, Robinhood restricted trading in thirteen stocks, including GameStop and AMC Entertainment, on Thursday. The pioneer of free stock trading only allowed clients to sell positions in certain securities, no open messages, increased margin requirements and even said it would automatically close some positions if the client ran the risk of not having the required collateral.

“We haven’t seen this level of concentrated interest rate market on a small number of names before,” Tenev said. “We believe you should be able to buy and sell the stocks you want.”

Robinhood then said after Thursday’s closing bell that it would allow limited purchases of restricted stocks on Friday.

The broker’s original decision met with outrage from his group of loyal private investors. However, Robinhood stated the move was taken to meet the SEC’s capital requirements for broker-dealers.

“We saw unprecedented interest because the funding was culturally relevant in ways never seen before,” Tenev said. “Of course, Robinhood is about everyday investors. From the beginning we advocated open access investors. It hurts us to have to impose these restrictions and we will do everything we can to get these stocks trading as soon as possible enable.” As we can. “

Tenev said Robin’s decision was not made under the direction of a market maker or hedge fund.

GameStop stock closed 44% on Thursday after Robinhood restricted trading and rose more than 60% after the close of business after the decision to ease restrictions.

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Mega Tens of millions jackpot is $1 billion. What to know earlier than shopping for in

Mega Millions jackpot is $1 billion. What to know before buying in

MARK RALSTON | AFP | Getty Images

At some point, Friday night or later, someone will win the Mega Millions jackpot.

You probably won’t be.

With the odds against players matching all six numbers required to reach the mother lode, the lottery game grand prize for the Friday night drawing has reached an estimated value of $ 1 billion. The cash option – which most winners prefer to annuity – is $ 739.6 million (pre-tax). The jackpot is also the third largest in US lottery history.

The Friday night draw comes just days after another huge amount of money was won on another lottery game: a ticket purchased in Maryland hit the Powerball jackpot of $ 731.1 million ($ 546.8 million in bar), making it the sixth largest prize of all time.

“We know that players love big jackpots and when the numbers are that big it becomes a national phenomenon,” said Gordon Medenica, Maryland lottery director and chief executive officer of Mega Millions.

“Everyone wants to dream about what they would do if they won.”

The Mega Millions jackpot has been rising since mid-September when someone hit $ 120 million ($ 95.4 million in cash) and the grand prize was reset to $ 20 million. That’s 37 weeks with no one matching all six numbers in twice weekly drawings. This is the longest run ever without a winner, according to lottery officials.

Each Mega Millions ticket has a 1 in 302 million chance of winning the jackpot. It’s a little better for Powerball: 1 in 292 million.

Even if you bought multiple tickets, you wouldn’t move the needle much. To give yourself a 50:50 chance of winning the Mega Millions jackpot – that is, the same odds if you toss a coin once – you would have to buy over 151 million different combinations of numbers. Even then, you couldn’t guarantee that you would be the only winner.

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The biggest jackpot in US history – a Powerball prize of $ 1.59 billion in 2016 – was split into three types.

For the drawing on Friday evening, the lottery officials estimate that 40% of all possible number combinations will be played.

Of course you can win the game without hitting the jackpot. The last Mega Millions raffle, held on Tuesday evening, produced nearly 5.2 million winning tickets, according to lottery data. These included two winners of $ 2 million each, eleven winners of $ 1 million each, and 139 winners who won at least $ 10,000.

Once the Mega Millions jackpot is won, it will reset to $ 20 million.

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Business

Uber, After Shopping for Postmates, Lays Off Extra Than 180 Staff

Uber, After Buying Postmates, Lays Off More Than 180 Employees

SAN FRANCISCO – Uber laid off around 185 Postmates staff, or around 15 percent of the total Postmates workforce, Thursday, three people aware of the measures said as the hailfighter consolidates its grocery delivery activities to weather the pandemic.

The layoffs affected most of Postmates’ leadership team, including Bastian Lehmann, the founder and managing director of the popular grocery delivery app, said those who spoke on the condition that they were not named because they were not authorized to speaking publicly. Uber bought Postmates for $ 2.65 billion last year.

Some Postmates vice presidents and other executives will be leaving with multi-million dollar exit packages, people said. Some employees might also see reduced compensation packages, people said, while others are being asked to leave or serve the end of their contract positions, which could lead to more exits in the coming months.

The cuts are part of a larger integration of Uber’s grocery delivery division, Uber Eats, with Postmates. While the brand and app remain separate from Postmates, much of the infrastructure behind the scenes is merged with Uber Eats and supported by Uber Eats employees. Pierre Dimitri Gore-Coty, the global head of Uber Eats, will continue the combined grocery delivery business.

An Uber spokesman, Matt Kallman, confirmed the cuts. “We are very grateful for the contributions of all the Postmates team members,” said Kallman. “While we’re excited to officially welcome many of you to Uber, we regret to say goodbye to others. We look forward to continuing to build on the incredible work this remarkable team has already done. “

Food delivery has been vital for Uber as the hailship business has been severely weakened by the impact of the pandemic on travel. Dara Khosrowshahi, Uber’s managing director, has described the delivery of food as a bright spot. Last year, Uber Eats’ revenue surpassed its ride-hail business for the first time when people ordered more meals to be delivered to their homes.

Uber, who is losing money, laid off hundreds of employees in 2019 to bring costs under control. The company currently has more than 21,000 full-time employees. The drivers are independent contractors.

While Uber was strong at grocery delivery, it had to fend off deep pocketed competitors who wanted to gain market share by subsidizing delivery costs with specials and discounts.

DoorDash, which went public in December, has grown rapidly in recent years and has taken over the smaller grocery delivery start-up Caviar. Other major competitors include Just Eat Takeaway, which Uber beat Uber to acquire Grubhub for more than $ 7 billion last year, and Deliveroo, a delivery company popular in Europe.