Shares in British online supermarket Ocado plunged 17.4% after U.S. partner Kroger announced closing three automated warehouses, leading to a $50 million revenue hit next year and a 40.5% drop in shares. Ocado’s market value fell from $28.5 billion in 2020 to less than $2 billion now. Kroger plans to focus on quick grocery delivery through partnerships with Instacart, DoorDash, and Uber Eats, causing analysts to doubt Ocado’s future U.S. partnerships. Ocado’s deal with Kroger in 2018 aimed to develop robotic warehouses, but only eight sites are live, and three are closing. Ocado expects $250 million in compensation from Kroger for the closures, while Kroger anticipates improving e-commerce profitability by $400 million in fiscal year 2026.

Read more at Yahoo Finance: Ocado slides 17% as US partner Kroger closes robotic warehouses