Uber to slash spending on incentives and new hires
Uber is planning on tightening the purse strings this year. In an email to employees shared with, the ride-hailing firm’s CEO Dara Khosrowshahi said the company would cut back on spending amidst a “seismic shift” in investor sentiment. First up on the chopping block are marketing and incentives, also known as Uber’s various perks for customers and drivers that include sign-up bonuses and ride discounts.
“We have to make sure our unit economics work before we go big. The least efficient marketing and incentive spend will be pulled back. We will treat hiring as a privilege and be deliberate about when and where we add headcount. We will be even more hardcore about costs across the board,” wrote Khosrowshahi.
The company’s quarterly earnings call last week contained both good news and bad news: Uber’s $6.9 billion infor the first quarter of 2022 was a staggering 136 percent increase from the same period last year. It’s clear that demand is returning to pre-pandemic levels. But the company also lost $5.6 billion due to its many investments, which include overseas ride-sharing apps.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Uber CEO Tells Staff Company Will Cut Down on Costs, Treat Hiring as a ‘Privilege'Uber will slash spending on marketing and incentives and treat hiring as a “privilege,” CEO Dara Khosrowshahi said in an email to staff on Sunday.
Read more »
Uber to cut down on hiring in bid to focus on profitable growthUber is cutting down on hiring and treating it 'as a privilege' in response to a 'seismic shift' in the market, its CEO told employees. Its stock fallen over 40% this year.
Read more »
Stocks Making the Biggest Moves in the Premarket: Palantir, Rivian, Uber and MoreThe stocks making the biggest moves in premarket trading include Palantir, Rivian, Uber, and more.
Read more »
Uber CEO Tells Staff Company Will Cut Down on Costs, Treat Hiring as a ‘Privilege'Uber will slash spending on marketing and incentives and treat hiring as a “privilege,” CEO Dara Khosrowshahi said in an email to staff on Sunday.
Read more »
'F1 22' has been redesigned to fit the new Formula 1 era | EngadgetCodemasters has revealed details on the updates to F1 22, many of which coincide with changes on the track in real life..
Read more »
Uber to cut down on hiring in bid to focus on profitable growthUber is cutting down on hiring and treating it 'as a privilege' in response to a 'seismic shift' in the market, its CEO told employees. Its stock fallen over 40% this year.
Read more »