Telstra (ASX:TLS) share price slips as Optus teams up with Uber

Telstra’s having a tough day on the ASX while its competition is rejoicing

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The Telstra Corportation Ltd (ASX: TLS) share price is slipping today, despite no news having been released by the telecommunications company.

However, there’s been big news out of its major competitor, Optus. Optus announced today it’s partnering with Uber Technologies Inc (NYSE:UBER) to deliver phones to customers.

Right now, the Telstra share price is $3.78. That’s 0.13% lower than its previous closing price.

Let’s take a closer look at today’s news from Optus.

Optus teams up with Uber

The Telstra share price is falling while, simultaneously, Optus has released exciting news of a partnership with Uber.

The 2 non-ASX companies are teaming up to offer 1-hour deliveries for new phones purchased through select ‘Yes’ Optus stores.

The offer is being trialled at 3 stores in Melbourne, 3 in Sydney, and another 3 in Brisbane.  

Those who live in specific postcodes can call their local store to purchase their phone and request a 1-hour delivery. Optus will then work out the details while its customer sits back and waits for their purchase to arrive on their doorstep.

Optus’ managing director of marketing and revenue Matt Williams said:

No other telco offers this kind of signature service and with Australia’s fastest 5G, we continue to raise the bar on value and service by providing one of the fastest technology delivery services in Australia and connecting our customers with the technology that improves their lives quicker than ever before.

While it’s not clear whether Optus’ newest offering is driving the Telstra share price down, it might increase how far Telstra needs to go to beat the competition.

Telstra share price snapshot

Despite being in the red today, the Telstra share price has been performing well recently.

Right now, shares in the telco giant are trading for 25% more than they were at the start of 2021. They are also going for 11% more than they were this time last year.

The company has a market capitalisation of around $44.9 billion, with approximately 11.8 billion shares outstanding.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Corporation Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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