Uber CEO Dara Khosrowshahi shared an email to employees on Monday saying the company would reduce its spending on marketing and incentives and treat hiring as a ‘privilege’, in an attempt to address the “seismic shift” in the market without further loss.
Brace for impact
With companies' market value seeing a steady decline, stocks are undergoing a nightmarish downfall over the last few weeks.
According to Khosrowshahi’s email, Uber will pull back from spending on marketing and incentives, the ride-hailing company’s least efficient departments. The Uber CEO mentioned they would slow down hiring and “will be even more hardcore about costs across the board.”
Cost cut down in other companies
Uber is the latest company to announce a cost cut down following the stock plunge.
Facebook parent Meta announced last week that they would slow down the recruitment of employees for mid or senior-level roles.
American financial service company Robinhood said it is cutting 9% of the company’s workforce to address the decline.
