Uber partners with LA28 Olympics as official rideshare provider

SAN FRANCISCO - Uber Technologies Inc (NYSE:UBER), a dominant player in the ground transportation industry with annual revenue exceeding $45 billion and maintaining a "GREAT" financial health score according to InvestingPro, will serve as the official rideshare and on-demand delivery partner for the LA28 Olympic and Paralympic Games and Team USA, the company announced Wednesday.

The mobility platform will design and implement rideshare operations throughout Los Angeles to facilitate transportation during the events. Uber will provide technical capabilities, operational practices, and a network of pickup and drop-off locations to support movement across the greater LA region.

Uber Eats will power the Olympic and Paralympic Village’s on-demand delivery program, serving athletes during their stay. The service will also be available for mobile ordering at select venue locations to enhance spectator experience.

"It’s a tremendous privilege for us to help people from across the globe move around LA and offer on-demand delivery to the Olympic and Paralympic Village," said Dara Khosrowshahi, CEO of Uber, in a press release statement. The company’s strong market position is reflected in its $201.5 billion market capitalization, with the stock currently trading near its 52-week high after delivering impressive 28% revenue growth over the past five years.

LA28 Chairperson Casey Wasserman noted that the partnership aligns with their vision of a "transit-first Games," with Uber providing comprehensive rideshare solutions including cars, bikes, and scooters to support multi-modal journeys to and from venues.

The partnership extends beyond the LA28 Games, as Uber will also support NBCUniversal’s coverage of both the Milano Cortina 2026 and Los Angeles 2028 Olympic and Paralympic Games.

Los Angeles will be hosting the Olympic Games for the third time, having previously hosted in 1984 and 1932, and will be hosting the Paralympic Games for the first time. Want deeper insights into Uber’s financial outlook and growth potential? InvestingPro offers exclusive access to 14 additional ProTips and comprehensive analysis through their Pro Research Report, helping investors make informed decisions.

In other recent news, Uber Technologies Inc. has seen its stock price target raised to $115 by BofA Securities, reflecting potential benefits from a tax provision that could save drivers approximately $1 billion. This development is anticipated to provide a modest boost to Uber’s operations. Furthermore, Uber Eats has expanded its grocery delivery service by partnering with six regional supermarket chains across the United States, enhancing its platform with diverse offerings from Big Y, King Kullen, and others. The expansion aligns with Uber’s strategy to increase convenience for its users.

Meanwhile, Bernstein has maintained an Outperform rating on Uber amid discussions of a potential deal involving Pony.ai’s U.S. operations. The talks are in preliminary stages, with Uber’s role yet to be fully defined. The potential deal could involve an equity investment and collaboration with former CEO Travis Kalanick. This comes as Waymo, a leader in autonomous vehicle technology, continues to advance in the industry, though profitability remains uncertain according to BMO Capital.

In related developments, African startup Moove is nearing a $1.2 billion debt raise to expand its autonomous-driving fleet in collaboration with Waymo, marking a significant step in its U.S. market presence. This expansion demonstrates Moove’s growing influence in the autonomous vehicle sector. Overall, these recent developments highlight Uber’s ongoing efforts to strengthen its market position through strategic partnerships and expansions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.