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Instacart stock falls as Uber Eats adds Costco

Published 05/15/2024, 12:53 PM
Updated 05/15/2024, 12:55 PM
© Reuters.  Instacart (CART) stock falls as Uber Eats adds Costco

Instacart (NASDAQ:CART) shares fell more than 6% Wednesday after Uber (NYSE:UBER) unveiled an expanded partnership with Costco (NASDAQ:COST) as part of several updates at its annual "Go-Get" release day. Uber reportedly announced several updates.

One of those announcements includes Uber and Costco expanding their partnership. According to reports, the company said Costco will be available on Uber Eats in several unspecified locations across the U.S., Canada, Mexico and Japan.

There are also "more to come," Beryl Sanders, director of grocery and retail partnerships at Uber, is said to have told listeners.

The news has resulted in a share price slide for CART, which is currently trading 5.3% lower at $32.48. It initially fell as low as $31.90 following the news.

Uber is also reportedly introducing new features such as "Uber Shuttle" for rides to the airport or events and "Uber Caregiver" for booking health insurance-covered rides for elderly individuals.

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