![]() Were super clarifying and I wanted to share some thoughts with all of you. It's clear that the market is experiencing a seismic shift and we need to react accordingly. Read the full letter from Uber CEO Dara Khosrowshahi below:Īfter earnings, I spent several days meeting investors in New York and Boston. Post-pandemic high, meaning the company won't need to invest a great deal into luring more drivers to the platform. Lyft said Wednesday it would increase spending to attract more drivers due to surging gas prices.īoth firms have faced a shortage of drivers as demand for taxis has bounced back. Uber's cost-cutting strategy highlights a divergence from Lyft, its main competitor in the U.S. "We will be even more hardcore about costs across the board." ![]() ![]() "We will treat hiring as a privilege and be deliberate about when and where we add headcount," he added. "The least efficient marketing and incentive spend will be pulled back." "We have to make sure our unit economics work before we go big," the Uber boss wrote. Incentives and treat hiring as a "privilege," Khosrowshahi said. To address the shift in economic sentiment, the ride-hailing firm will slash spending on marketing and ![]() The Nasdaq Composite last week recorded its fifth consecutive weekly decline, its longest such losing streak since 2012. The coronavirus pandemic, as investors fret over the prospect of an end to the era of cheap money that defined a historic bull market. Tech stocks have plunged sharply from the highs of "It's clear that the market is experiencing a seismic shift and we need to react accordingly." "After earnings, I spent several days meeting investors in New York and Boston," Khosrowshahi said in the email, which was sent out late Sunday. Khosrowshahi told employees in an email obtained by CNBC. Uber will cut back on spending and focus on becoming a leaner business to address a "seismic shift" in investor sentiment, CEO Dara ![]()
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