Helbiz falls after decision to stop ops in certain markets

micromobility.com

17/01/2023 19:14

** Shares of transportation and media co Helbiz Inc  HLBZ.O 
down 6.4% at $0.14
    ** Says it will be ceasing operations in non-profitable or
cash-positive markets by spring 2023
    ** Co says it made the decision after determining certain
markets did not possess the required conditions for
profitability in the near term 
    ** Says it has already started process of exiting some of
these markets on a global level, with 90% of the exits already
completed 
    ** "We will be shifting vehicles from our under-performing
markets to those with healthy margins and near-term growth
prospects," says HLBZ CEO 
    ** HLBZ fell about 98% in 2022 
 (Reporting by Vansh Agarwal in Bengaluru)
 ((Vansh.Agarwal@thomsonreuters.com;))