Money: Uber Lays Off Hundreds More Workers as It Struggles to Make Money - PressFrom - United Kingdom
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MoneyUber Lays Off Hundreds More Workers as It Struggles to Make Money

12:05  11 september  2019
12:05  11 september  2019 Source:   msn.com

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SACRAMENTO — Uber laid off 435 workers in its product and engineering teams on Tuesday, the company’s second round of cuts in recent months as it struggles to make money . The cuts, which total about 8 percent of Uber ’s global product and engineering group

Uber said it laid off around 400 people worldwide from its marketing team on Uber declined to comment further. The layoffs are the latest shake-up at Uber since it went public two months ago. “ Many of our teams are too big, which creates overlapping work , makes for unclear decision owners

Uber Lays Off Hundreds More Workers as It Struggles to Make Money © Eric Risberg/Associated Press “It’s critical we get our edge back and continually push ourselves to do better,” Uber’s chief executive, Dara Khosrowshahi, wrote in an email to staff on Tuesday.

SACRAMENTO — Uber laid off 435 workers in its product and engineering teams on Tuesday, the company’s second round of cuts in recent months as it struggles to make money.

The cuts, which total about 8 percent of Uber’s global product and engineering group, follow 400 layoffs in July from the marketing team. In a message to employees about the layoffs on Tuesday that was viewed by The New York Times, Uber’s chief executive, Dara Khosrowshahi, said the company had gone off course as it grew and must streamline to regain its competitive edge.

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Uber is laying off about one third of its 1,200-person strong marketing department in an effort to slash costs and make operations more efficient About 400 people in Uber ’s marketing department were laid off across its 75 offices globally, according to the company. Uber ’s latest public global headcount

Uber is laying off 300 workers as part of the pulling out. Uber has already paused its autonomous The crash represents the most significant setback to date to Uber 's ambitions to transition from After the crash, The New York Times published a report on how the company's vehicles were struggling to

“In the past, we grew our teams rapidly and in a decentralized way. This made sense as we worked to scale the business globally and find product-market fit,” Mr. Khosrowshahi wrote in the email, which echoed what he said in July with the previous layoffs. “But at a certain point, bigger teams do not mean better results. It’s critical we get our edge back and continually push ourselves to do better.”

Uber Lays Off Hundreds More Workers as It Struggles to Make Money © Getty

Uber has been under pressure this year over its long-term viability. The company had a troubled initial public offering in May as investors questioned its ride-hailing business, which is expensive to operate. Uber’s stock slid below its offering price on its first day of trading and continues to struggle. In August, it reported a record quarterly loss of $5.2 billion and its slowest-ever revenue growth. Uber’s shares rose about 4 percent on Tuesday.

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Boeing plans to lay off 211 employees in Washington state on July 22, a state agency said, referring to a group that likely includes information technology workers It wasn’t immediately clear how many of the company’s IT workers in other states also faced layoffs . Boeing has said that the layoffs include

More simply, the money that Uber got for divesting certain operations makes its first quarter look better than it was. That makes sense! What you should take away from the above is that no matter which profit metric we decide on, be it net loss or adjusted EBITDA, Uber loses a pile of money each quarter.

In response, Mr. Khosrowshahi has shaken up Uber’s top ranks and tried to cut costs. After cutting jobs in the marketing team in July, he instituted a monthlong hiring freeze and instructed executives to re-evaluate the size of their teams. In addition, he pushed out top executives, including his chief operating officer and chief marketing officer. Uber’s board has also undergone some turnover.

“Everybody knows that Uber can’t lose billions of dollars a quarter forever, but it’s always been a question of when the money might run out,” said Harry Campbell, a ride-hailing driver and founder of the industry website The Rideshare Guy. “We’ve seen Uber institute a number of cost-cutting measures at the driver and rider level and now the cuts are coming to the corporate side of the business in order to move towards profitability.”

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Boeing plans to lay off 211 employees in Washington state on July 22, a state agency said, referring to a group that likely includes information technology workers It wasn’t immediately clear how many of the company’s IT workers in other states also faced layoffs . Boeing has said that the layoffs include

The laid - off workers include safety drivers tasked with riding in and monitoring the self-driving test vehicles, according to the report. Here’s more from Uber , via The Republic: “We’re committed to self-driving technology, and we look forward to returning to public roads in the near future,” Uber said in a

In his email, Mr. Khosrowshahi said he was not making job cuts to appease investors. “We are not doing this for Wall Street. We are doing this for Uber,” he wrote.

Uber faces other labor problems. On Tuesday, California lawmakers approved a bill that would force companies like Uber and Lyft to treat contract workers as employees. Uber relies on independent contractors as drivers, as their freelance status helps keep costs down by allowing the company to not provide full-time benefits or pay. Uber and other gig economy companies worked for months to cut a deal with labor groups to carve out ride-hailing drivers from the bill, but those negotiations failed. The bill is widely expected to pass.

Uber employs more than 27,000 people globally, nearly half in the United States, a company spokesman said. The new layoffs were earlier reported by TechCrunch.

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