Business

Uber Eliminate 400 Jobs

Uber Eliminate 400 Jobs
Uber Eliminate 400 Jobs

Uber Eliminate 400 Jobs
Uber Eliminate 400 Jobs
Uber confirmed on Monday that it would eliminate 400 jobs from its marketing team of more than 1,200 workers to reduce costs and improve efficiency.

Dara Khosrowshahi, CEO of Uber, and Jill Hazelbaker, head of the marketing team, announced the restructuring internally, in an effort to make the brand’s message more consistent, according to the company.

At the end of the first quarter, Uber had 24,494 employees worldwide, including more than 1,200 in marketing.

Khosrowshahi in June tightened his grip on the wheel at the ride-hailing firm in the wake of a bumpy stock market debut.

After debuting in May at $45 for the initial public offering translating to a market value of $82 billion Uber shares went into reverse.

Its rival Lyft earlier in the year saw its shares fall after a market debut.

Uber shares were $43.88 at the close of formal trading in New York on Monday.

In its first earnings report as a publicly traded company, Uber said revenue climbed to $3.1 billion in the first quarter of this year, but that it lost $1 billion.

Uber is to report second-quarter earnings next week.

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