Courtesy of ZeroHedge
In the third round of layoffs since its IPO (and post-IPO share price plunge), Uber CEO Dara Khosrowshahi announced the job cuts in a company-wide email this morning.
Khosrowshahi told staff that around 350 employees across several teams within the organization, including Uber Eats, will be laid off.
All of this comes about one month after Uber laid off 435 employees across its product and engineering teams and less than three months after Uber laid off about 400 people from its marketing team. At this point, most departments at Uber have been affected by layoffs.
One wonders if, like the cuts at WeWork, this push for profitability at Uber is coming from on-high at Softbank's C-Suite.
For Uber, profitability is a long-way off…
Full email below (via CNBC):
As you know, over the past few months, our leaders have looked carefully at their teams to ensure our organizations are structured for success for the next few years. This has resulted in difficult but necessary changes to ensure we have the right people in the right roles in the right locations, and that we’re always holding ourselves accountable to top performance.
Today is the last wave of a process we began months ago with our Marketing team, and more recently, with Product and Engineering. This time, ATG, Eats, Global Rides and Platform (Rides Ops, CommOps, Safety & Insurance, U4B, and Product Ops), Performance Marketing, and Recruiting have made changes. As part of this exercise, some of our employees are being asked to relocate, and around 350 people will be leaving the company.
Days like today are tough for us all, and the ELT and I will do everything we can to make certain that we won’t need or have another day like this ahead of us. We all have to play a part by establishing a new normal in how we work: identifying and eliminating duplicate work, upholding high standards for performance, giving direct feedback and taking action when expectations aren’t being met, and eliminating the bureaucracy that tends to creep as companies grow.
We have proven ourselves to be not only one of the most ambitious and innovative companies in the world, but also one of the most resilient. We’ve always pushed through tough times and come out the other side a better and stronger company—that will continue to be true tomorrow, and every day after.
As always, we’ll be at the All Hands tomorrow and will dedicate most of the time to answer your questions. Add yours to the slido here.
Eyes forward—back to building.
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Uber's share price is up over 4% on the layoff news…