Uber Technologies said it will deliver a first-ever quarterly profit by the end of the year, signalling that cost-cutting measures are exceeding even the company’s own recent expectations.
Browsing: Dara Khosrowshahi
Uber Technologies co-founder and former CEO Travis Kalanick is stepping down from the board to focus on his new business and philanthropic endeavours.
Uber Technologies’ biggest market in Europe is at risk after regulators revoked the ride-hailing service’s licence to operate in London for the second time in less than three years.
Uber Technologies has lost its licence in London for the second time in less than three years, putting one of its biggest markets outside of the US at risk.
Uber Technologies disappointed investors with quarterly results showing lacklustre gains in bookings and monthly active users, two of the metrics most closely watched by Wall Street.
In his latest bid to reduce losses at Uber Technologies, Dara Khosrowshahi fired about 350 employees, in what he said is the “last wave” of workforce reductions.
Uber Technologies is dismissing 435 employees, the second major staff cut in recent months, as the company faces mounting losses and a declining stock price.
The ride-hailing company reported second quarter adjusted sales that fell short of estimates and posted a net loss of $5.24-billion, by far the largest ever for the business.
Uber Technologies said it’s cutting a third of its marketing department globally, as the CEO seeks to address concerns that the business is slowing down.
Done in by a broad stock market selloff and a weak earnings report posted by its primary rival, Uber plunged immediately at the opening of trading.