Uber Technologies UBER unveiled a range of new products and features during its annual GO–GET product event, including hotel booking capabilities and enhanced travel tools. These updates highlight Uber’s ongoing effort to integrate more aspects of daily life into a single, streamlined user experience.
The company indicated that its platform strategy is focused on simplifying how people manage everyday tasks. CEO Dara Khosrowshahi stated that Uber is evolving into an all-in-one application designed to help users move, access services and travel conveniently. He noted that people are increasingly overwhelmed by numerous apps, decisions and information, and emphasized that Uber aims to help users save time by reducing the complexity of managing daily logistics, allowing them to focus more on living their lives.
Among the key announcements was a partnership with Expedia Group EXPE, enabling users to book hotels directly within the Uber app. This initiative comes at a time when travel demand is rising and consumers are seeking cost-effective booking options. Initially available to users in the United States, the offering will provide access to a vast inventory of hotels, expected to exceed 700,000 properties worldwide over time. Uber One members will receive 10% back in credits on hotel bookings and discounts of at least 20% on a rotating selection of more than 10,000 hotels. Vacation rentals from Vrbo, an Expedia Group brand, are also expected to be integrated later in the year.
The collaboration is anticipated to expand internationally. Additionally, Uber rides will soon be integrated into the Expedia app, allowing travelers to receive notifications before hotel check-ins and book discounted rides during their trips. Expedia Group CEO Ariane Gorin remarked that the partnership aims to make travel more seamless by combining Expedia’s marketplace with Uber’s services, ultimately helping users spend less time planning and more time enjoying their journeys.
The company also introduced Travel Mode, a feature within the Uber and Uber Eats apps that offers curated local recommendations, dining reservations via OpenTable, delivery services to hotel rooms and assistance with forgotten travel items. This effectively positions the app as a personal travel assistant.
The Uber One membership program has been expanded globally, allowing users to earn credits on rides internationally while benefiting from perks such as zero delivery fees. These credits can be redeemed once users return home.
Another feature, Shop for Me, enables users to request items from virtually any store, including those not listed on the app, making it easier to handle last-minute or specialized purchases.
With Eats for the Way, users in select cities can pre-book premium rides and have drivers arrive with snacks or beverages. Meanwhile, the AI-powered Voice Bookings feature allows users to request rides hands-free using conversational input.
Finally, Uber has redesigned its search functionality into a unified “One Search” feature, enabling users to find rides, food and other services through a single query, further enhancing convenience across the platform.
Another ride-hailing company, Grab GRAB, based in Singapore, has expanded into travel and hotels. To this end, Grab added AI-powered travel tools, offering itinerary planning, hotel recommendations and in-app concierge services. Grab has multiple partnerships through which users can avail features like booking accommodation and receiving flight updates.
UBER’s Share Price Performance, Valuation and Estimates
Shares of UBER have declined in single digits (% wise) over the past three months. Courtesy of the downbeat performance, UBER’s shares have underperformed the Zacks Internet-Services industry over the same time frame.
3-Month Price Comparison
From a valuation standpoint, UBER trades at a 12-month forward price-to-sales of 2.5X. UBER is inexpensive compared with its industry.
See how the Zacks Consensus Estimate for Uber’s earnings has been revised over the past 90 days.
UBER's Zacks Rank
UBER currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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This article originally published on Zacks Investment Research (zacks.com).