Delivery Hero CEO Niklas Östberg speaking at the Noah tech conference in Berlin on June 13, 2019.
Krisztian Bocsi | Bloomberg via Getty Images
Delivery Hero CEO Niklas Ostberg said that he’s happy holding onto the Foodpanda brand, after reports that talks of potentially selling the Southeast Asian unit had collapsed drove a huge plunge in shares.
Delivery Hero shares surged 11% Wednesday afternoon in European trading, extending gains from earlier in the day.
The German food delivery firm on Wednesday reported a 9% bump in total segment revenues to 10.5 billion euros ($11.2 billion) in 2023 and adjusted earnings before interest, tax, depreciation, and amortization of 253.3 million euros.
The company also restated its guidance for annual 2024 adjusted EBITDA of between 725 million euros and 775 million euros — which would mark a tripling from 2023. The results confirm preliminary earnings from Delivery Hero, which the company issued in recent weeks in response to a sharp plunge in its shares.
Earlier this month, a report from The New Straits Times said that talks by Delivery Hero to sell its loss-making Southeast Asian business Foodpanda had collapsed, panicking investors who fled the shares out of concern that the company wouldn’t be able to cash out its ownership.
Selling Foodpanda remains an option that Delivery Hero is considering, and talks about a potential sale are ongoing, a company spokesperson said in a statement following the report.
But Ostberg said that he is happy to retain Foodpanda in Southeast Asia, suggesting that he’s confident about remaining committed to the business and doesn’t feel an urgent need to sell.
“I’m more than happy to hold onto it forever,” Ostberg told CNBC in an interview on Wednesday. “The business has turned breakeven now, [and] that’s good [that] it’s not a drag on our profitability anymore, that’s nice.”
He added, “[Foodpanda] will be one of our faster-growing regions. There’s still so much growth potential there, [and] we very much like the asset. I guess we always have to act rational towards investors if someone offers a price that is higher than what we think we can generate for it over the years.”
“By no means are we forced to sell, we are not building a business to sell it, we are building a business because we love a good service. We believe we can generate good return for our shareholders there. We still have to act rational if someone offers a price that we feel is good value.”
Ostberg declined to comment on what price he anticipates attaining for Foodpanda, but said that he sees it fetching a “a lot of value.”
Delivery Hero, one of Europe’s largest food delivery apps, has faced recent pressure from investors over its ability to make a solid return on businesses it’s wholly or partly acquired.
Now, Delivery Hero is attempting to claw back from the brutal share price plunge, which brought the company’s stock to its lowest level since 2022. That came after Delivery Hero announced a deal to divest its entire stake in the British food delivery company Deliveroo.
Delivery Hero at the time denied the report and pushed back on speculation that a collapse in talks was imminent.
Shareholders reacted positively to the development, but the stock has yet to recover all of its losses since the company offloaded its shares in Deliveroo.
Inside a secretive set of buildings in Santa Barbara, California, scientists at Alphabet are working on one of the company’s most ambitious bets yet. They’re attempting to develop the world’s most advanced quantum computers.
“In the future, quantum and AI, they could really complement each other back and forth,” said Julian Kelly, director of hardware at Google Quantum AI.
Google has been viewed by many as late to the generative AI boom, because OpenAI broke into the mainstream first with ChatGPT in late 2022.
Late last year, Google made clear that it wouldn’t be caught on the backfoot again. The company unveiled a breakthrough quantum computing chip called Willow, which it says can solve a benchmark problem unimaginably faster than what’s possible with a classical computer, and demonstrated that adding more quantum bits to the chip reduced errors exponentially.
“That’s a milestone for the field,” said John Preskill, director of the Caltech Institute for Quantum Information and Matter. “We’ve been wanting to see that for quite a while.”
Willow may now give Google a chance to take the lead in the next technological era. It also could be a way to turn research into a commercial opportunity, especially as AI hits a data wall. Leading AI models are running out of high-quality data to train on after already scraping much of the data on the internet.
“One of the potential applications that you can think of for a quantum computer is generating new and novel data,” said Kelly.
He uses the example of AlphaFold, an AI model developed by Google DeepMind that helps scientists study protein structures. Its creators won the 2024 Nobel Prize in Chemistry.
“[AlphaFold] trains on data that’s informed by quantum mechanics, but that’s actually not that common,” said Kelly. “So a thing that a quantum computer could do is generate data that AI could then be trained on in order to give it a little more information about how quantum mechanics works.”
Kelly has said that he believes Google is only about five years away from a breakout, practical application that can only be solved on a quantum computer. But for Google to win the next big platform shift, it would have to turn a breakthrough into a business.
An attendee wearing a Super Mario costume uses a Nintendo Switch 2 game console while playing a video game during the Nintendo Switch 2 Experience at the ExCeL London international exhibition and convention centre in London, Britain, April 11, 2025.
Isabel Infantes | Reuters
Nintendo on Friday announced that retail preorder for its Nintendo Switch 2 gaming system will begin on April 24 starting at $449.99.
Preorders for the hotly anticipated console were initially slated for April 9, but Nintendo delayed the date to assess the impact of the far-reaching, aggressive “reciprocal” tariffs that President Donald Trump announced earlier this month.
Most electronics companies, including Nintendo, manufacture their products in Asia. Nintendo’s Switch 1 consoles were made in China and Vietnam, Reuters reported in 2019. Trump has imposed a 145% tariff rate on China and a 10% rate on Vietnam. The latter is down from 46%, after he instituted a 90-day pause to allow for negotiations.
Nintendo said Friday that the Switch 2 will cost $449.99 in the U.S., which is the same price the company first announced on April 2.
“We apologize for the retail pre-order delay, and hope this reduces some of the uncertainty our consumers may be experiencing,” Nintendo said in a statement. “We thank our customers for their patience, and we share their excitement to experience Nintendo Switch 2 starting June 5, 2025.”
The Nintendo Switch 2 and “Mario Kart World“ bundle will cost $499.99, the digital version “Mario Kart World” will cost $79.99 and the digital version of “Donkey Kong Bananza” will cost $69.99, Nintendo said. All of those prices remain unchanged from the company’s initial announcement.
However, accessories for the Nintendo Switch 2 will “experience price adjustments,” the company said, and other future changes in costs are possible for “any Nintendo product.”
It will cost gamers $10 more to by the dock set, $1 more to buy the controller strap and $5 more to buy most other accessories, for instance.
An employee walks past a quilt displaying Etsy Inc. signage at the company’s headquarters in the Brooklyn.
Victor J. Blue/Bloomberg via Getty Images
Etsy is trying to make it easier for shoppers to purchase products from local merchants and avoid the extra cost of imports as President Donald Trump’s sweeping tariffs raise concerns about soaring prices.
In a post to Etsy’s website on Thursday, CEO Josh Silverman said the company is “surfacing new ways for buyers to discover businesses in their countries” via shopping pages and by featuring local sellers on its website and app.
“While we continue to nurture and enable cross-border trade on Etsy, we understand that people are increasingly interested in shopping domestically,” Silverman said.
Etsy operates an online marketplace that connects buyers and sellers with mostly artisanal and handcrafted goods. The site, which had 5.6 million active sellers as of the end of December, competes with e-commerce juggernaut Amazon, as well as newer entrants that have ties to China like Temu, Shein and TikTok Shop.
By highlighting local sellers, Etsy could relieve some shoppers from having to pay higher prices induced by President Trump’s widespread tariffs on trade partners. Trump has imposed tariffs on most foreign countries, with China facing a rate of 145%, and other nations facing 10% rates after he instituted a 90-day pause to allow for negotiations. Trump also signed an executive order that will end the de minimis provision, a loophole for low-value shipments often used by online businesses, on May 2.
Temu and Shein have already announced they plan to raise prices late next week in response to the tariffs. Sellers on Amazon’s third-party marketplace, many of whom source their products from China, have said they’re considering raising prices.
Silverman said Etsy has provided guidance for its sellers to help them “run their businesses with as little disruption as possible” in the wake of tariffs and changes to the de minimis exemption.
Before Trump’s “Liberation Day” tariffs took effect, Silverman said on the company’s fourth-quarter earnings call in late February that he expects Etsy to benefit from the tariffs and de minimis restrictions because it “has much less dependence on products coming in from China.”
“We’re doing whatever work we can do to anticipate and prepare for come what may,” Silverman said at the time. “In general, though, I think Etsy will be more resilient than many of our competitors in these situations.”
Still, American shoppers may face higher prices on Etsy as U.S. businesses that source their products or components from China pass some of those costs on to consumers.
Etsy shares are down 17% this year, slightly more than the Nasdaq.