Counterpoint: diversifying with Uber Eats did a lot to keep the company stable during the ongoing pandemic.
Admittedly, Eats doesn't make a dime, even after this big influx of business, so I'm mostly leaning on the argument that it helped stabilize shareholder confidence. Still... stocks would be lower today if they sold off Eats prior to the pandemic!
I think the more nuanced argument is that you should do one core thing well, then leverage that one thing to offer a portfolio of diverse services.
Admittedly, Eats doesn't make a dime, even after this big influx of business, so I'm mostly leaning on the argument that it helped stabilize shareholder confidence. Still... stocks would be lower today if they sold off Eats prior to the pandemic!
I think the more nuanced argument is that you should do one core thing well, then leverage that one thing to offer a portfolio of diverse services.