Uber axes 350 employees in 'last wave' of job cuts - TechCentral

Uber axes 350 employees in ‘last wave’ of job cuts

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

Comments are closed.

© 2009 – 2019 NewsCentral Media