GrubHub dips after Amazon teams up with competitor

GrubHub dips after Amazon teams up with competitor

 GrubHub dips after Amazon teams up with competitor. See Stockwinners.com

Shares of GrubHub (GRUB) are sliding after Olo, which offers an online food ordering solution for the restaurant industry, announced earlier this morning that it is teaming up with Amazon (AMZN).

WHAT’S NEW

Earlier, Olo said its new partnership with Amazon will enable thousands of Olo restaurant customers to “gain easy integration” with Amazon Restaurants.

“We are excited to leverage Olo’s digital ordering technology and continue rapidly growing our network of restaurants to give Amazon Prime members more options for fast delivery from their favorite brands. This integration will enable Amazon Restaurants to onboard new restaurants with ease, as well as quickly add more new choices and delivery options for customers,” said Gus Lopez, general manager of Amazon Restaurants.

Olo restaurants can offer guests counter and curbside pickup for orders placed by phone, web, mobile web, app, Amazon’s Alexa-enabled devices and more, as well as delivery through Olo Dispatch and Olo Rails, the companies noted.

PRICE ACTION

GrubHub shares are down 2% to $52.40


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