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.
The cuts hit a handful of divisions, including self-driving car development and food delivery. Uber dismissed more than 800 employees over two rounds of cuts in July and September.
Since a disappointing initial public offering in May, Uber’s stock price is down about 30%. Investors have expressed concerns about increased losses and slowing growth. The ride-hailing company lost more than US$5-billion in the second quarter. News of the additional job cuts helped push Uber’s stock up 4% on Monday.
In an e-mail to staff from CEO Khosrowshahi, he said executives may elaborate on the job cuts in a company-wide meeting on Tuesday. About 70% of the dismissals occurred in North America. — Reported by Lizette Chapman, (c) 2019 Bloomberg LP