Uber Digs Deeper for Profitability - 350 Jobs Cut
Uber’s cost-cutting measures continue: The company is clearly laser-focused on trying to get to a point where it’s profitable — or at least where it isn’t burning cash quite so quickly. The company is laying off 350 more employees, with cuts coming across Eats, its ATG autonomous business, performance marketing, recruiting and more. (Techcrunch).
Uber has just laid off around 350 employees across a variety of teams within the organization, marking what the company says is its third and final phase of layoffs of the process it began earlier this year, Uber CEO Dara Khosrowshahi said to employees today in an email obtained by TechCrunch (full email below). Those affected include employees from Eats, performance marketing, Advanced Technologies Group and recruiting, as well as various teams within the global rides and platform departments. Some employees have also been asked to relocate.
This is what going public does. Uber's stock has underperformed since it went public. To remain for the future, it has to be making money. This is part of the roadmap.
Expanding too fast has its own unique pitfalls; first, is the hustle to meet up projected revenue and secondly, to maximize the wealth of shareholders.
This is the case with Google, as they make revenue windfalls every year, but shareholder expectations continue to drive them farther from their vision - which is providing ultimate user experience. Now they literally shove ads in their users' throats which ruins their browsing experience, almost always.
I learnt a lesson - make maximum profit from business, but do not be distracted from your mission.