SAN FRANCISCO — Uber laid off 350 employees on Monday, in the latest indication that the ride-hailing company is trying to respond to concerns among investors that it is losing too much money.
The cuts, the third round in recent months, were focused in the autonomous vehicle unit, operations, recruiting and customer support, an Uber spokesman said. Since July, the company has cut more than 1,000 jobs, more than 2 percent of its work force.
Shares of Uber began trading on Wall Street in May, in one of the most anticipated initial public offerings in recent years. But the stock’s performance has been disappointing, with its price down about 30 percent since the first day of trading.
Investors reacted favorably to the layoffs on Monday, sending Uber’s share price up 4 percent in afternoon trading.
In July, Uber laid off 400 people from its marketing department. And in September, it cut 435 people from its engineering and product groups. Uber’s chief executive, Dara Khosrowshahi, had asked executives to reduce their staffs and reorganize.
In an email to employees announcing the latest layoffs, Mr. Khosrowshahi wrote, “We all have to play a part by establishing a new normal in how we work: identifying and eliminating duplicate work, upholding high standards for performance, giving direct feedback and taking action when expectations aren’t being met, and eliminating the bureaucracy that tends to creep as companies grow.”
Source: The New York Times