Uber Dismisses 350 Employees In a ‘Last Wave’ of Job Cuts
Since a disappointing initial public offering in May, Uber’s stock price is down about 30%.
(Bloomberg) -- In his latest bid to reduce losses at Uber Technologies Inc., 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 $5 billion in the second quarter. News of the additional job cuts helped push Uber’s stock up 4% on Monday.
In an email to staff from Chief Executive Officer Khosrowshahi reviewed by Bloomberg, he said executives may elaborate on the job cuts in a companywide meeting on Tuesday. TechCrunch reported the news earlier Monday, and an Uber spokesman confirmed the cuts. About 70% of the dismissals occurred in North America.
To contact the reporter on this story: Lizette Chapman in San Francisco at lchapman19@bloomberg.net
To contact the editors responsible for this story: Mark Milian at mmilian@bloomberg.net, Molly Schuetz
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