Uber is cutting down on hiring and treating it 'as a privilege' in response to a 'seismic shift' in the market, its CEO told employees. Its stock fallen over 40% this year.
"We will treat hiring as a privilege and be deliberate about when and where we add headcount," Khosrowshahi said in an email to employees late Sunday, per CNBC. "We will be even more hardcore about costs across the board."
"After earnings, I spent several days meeting investors in New York and Boston," he wrote. "It’s clear that the market is experiencing a seismic shift and we need to react accordingly." "We have to make sure our unit economics work before we go big," he added. "The least efficient marketing and incentive spend will be pulled back."
"We have made a ton of progress in terms of profitability, setting a target for $5 billion in adjusted EBITDA in 2024, but the goalposts have changed," Khosrowshahi noted, referring to adjusted earnings before interest, taxes, depreciation, and amortization.Uber shares dropped roughly 11% by Monday afternoon. The stock has fallen more than 40% this year.Delivery has been a huge growth driver for Uber and helped it to weather the pandemic.
In his letter, Khosrowshahi wrote: "The primary [investor] questions were: 'Is Delivery a good business and why?' and 'What happens if we enter a recession?' We need to answer both of these questions with undeniably strong results."
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