UberEATS to launch across 100 new cities

The company has expanded Uber Eats to 100 new cities in Europe, Africa, and the Middle East. It plans to open the service in Ireland, Egypt, Kenya, Ukraine, Romania and the Czech Republic.

Uber Eats is presently operating in more than 200 cities across the globe.

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The company said the food delivery app is now profitable in 45 of the 200 markets where it operates, compared to just 3 out of 50 cities reported on past year. By comparison, the previous year, only three out of 50 cities were profitable.

While Uber has struggled over the past year, its Uber Eats division has been doing fairly well.

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The stock has a market capitalization of $33,428.91, a price-to-earnings ratio of 17.96, a P/E/G ratio of 1.01 and a beta of 1.49. Moreover, River Road Asset Ltd Liability Corp has 1.84% invested in Marathon Petroleum Corporation (NYSE:MPC) for 1.68M shares.

The food ordering and delivery platform is already available in more than 200 cities worldwide.

Launched back in June 2016, Uber Eats allows customers to order takeaway food online from participating restaurants and chains such as fast food McDonald's and Krispy Kreme amongst others. While Uber's reputation took it on the chin, Uber Eats has prospered under Jason Droege, who runs Uber Everything, the portion of the business not focused on ride-hailing. Uber Eats now delivers from almost 7,000 McDonald's locations in 20 different countries - or about 9 percent of all outlets on the platform. Uber's CEO Dara Khosrowshahi was quoted as saying that he's "a big fan of the [UberEats] business" which he believes has "viable unit economics".

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