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Uber to cut down on costs, treat hiring as a ‘privilege’: CEO email

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Uber posted a $5.9 billion loss in the first quarter of 2022.

Philip Pacheco | AFP via Getty Images

Uber will cut back on spending and focus on becoming a leaner business to address a “seismic shift” in investor sentiment, CEO Dara Khosrowshahi told employees in an email obtained by CNBC.

“After earnings, I spent several days meeting investors in New York and Boston,” Khosrowshahi said in the email, which was sent out late Sunday. “It’s clear that the market is experiencing a seismic shift and we need to react accordingly.”

Tech stocks have plunged sharply from the highs of the coronavirus pandemic, as investors fret over the prospect of an end to the era of cheap money that defined a…



Source cnbc.com

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