Market Overview

Uber To Cut Thousands Of Jobs Again

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Uber To Cut Thousands Of Jobs Again

Uber Technologies Inc. (NYSE: UBER) is trimming its workforce by the thousands in a new round of layoffs.

What Happened

A Business Insider source revealed that the ride-sharing company plans a massive cull of its workforce.

An Uber spokesperson told the publication, “As you would expect, the company is looking at every possible scenario to ensure we get to the other side of this crisis [COVID-19 pandemic] in a stronger position than ever.”

Two weeks ago, Uber let go of 3,700 employees a day after its CEO Dara Khosrowshahi told workers that it was finalizing layoff plans and that the staff would be informed over a span of two weeks.

Why It Matters

Uber is in negotiations to acquire GrubHub Inc. (NYSE: GRUB), which competes with its own Uber Eats. 

It is certain Uber will cut more jobs to eliminate redundancies between the Eats business and GrubHub. Job losses are expected at freight, at the self-driving car unit, and at the Advanced Technologies Group, reported Business Insider.

Price Action

Uber shares traded 0.15% lower at $32.42 in the after-hours session on Friday. The shares had closed the regular session 0.98% lower at $32.47.

 

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