Uber has again laid off a total of 435 employees from its firm to further cut down operational expenses. According to the company, the dismissed employees represent 8% of members of staff running the company’s engineering and product units.
A total of 265 people were shown the door in Uber’s engineering team while other 170 people were dismissed from the product team.
According Nairametrics uber had previously sacked 400 employees from its marketing team in July.
Reason for mass worker lay-off: The spokesperson for the San Francisco company, maintained that the job cut was a move to focus on efficiency and save costs.
“We’re making some changes to get us back on track, which include reducing the size of some teams to ensure we are staffed appropriately against our top priorities. Our hope with these changes is to reset and improve how we work day to day — ruthlessly prioritizing, and always holding ourselves accountable to a high bar of performance and agility,” the company was quoted.
What you should know: Uber’s shares have been on a steady decline ever since it was listed on the New York Stock Exchange (NYSE) in May 2019. It recorded $1 billion loss in its first quarter as a public company. Its shares finally did well on Tuesday picking up at the rate of 4% to close at $33.51, rounding off trading for that day.
Meanwhile, there have been worries pertaining to whether the company as a whole will be profitable in the long run since the only key growth driver for the firm is its meal delivery service, Uber Eats.