Uber on Tuesday said it was laying off about eight percent of its product and engineering teams as the smartphone-summoned ride service tries to map a route to profitability.
The San Francisco-based company is cutting about 265 people from its engineering group and another 170 or so jobs from its product team, a spokesman told AFP.
While a fast-growing startup, ranks of Uber employees swelled to more than 27,000 employees around the world and the time had come to shift gears and cut ranks for efficiency, according to the company.
“We’re making some changes to get us back on track, which include reducing the size of some teams to ensure we are staffed appropriately against our top priorities,” the Uber spokesman said.
“Our hope with these changes is to reset and improve how we work day to day —- ruthlessly prioritizing, and always holding ourselves accountable to a high bar of performance and agility.”
Uber planned to continue to hire top technical talent, but with a focus on “lean, exceptionally high-performing teams,” the spokesman added.
In July, Uber cut 400 jobs from its marketing team of more than 1,200 workers to reduce costs and improve efficiency.
Uber chief executive Dara Khosrowshahi a month earlier had tightened his grip on the wheel at the ride-hailing firm following a bumpy stock market debut.
After debuting in May at $45 for the initial public offering — translating to a market value of $82 billion — Uber shares went into reverse.
Uber shares gained a little ground on Tuesday, up nearly 4 percent to $33.51 at the close of the formal trading day on Wall Street.
Uber shares tumbled last month after the leading ride-share company reported its loss eclipsed market expectations in the second quarter of this year.
The company said revenue grew 14 percent to $3.2 billion, but it lost $5.2 billion as compared to losing $848 million in the same period last year.
Stock related compensation expenses took a huge bite out of its revenue, the company said.
While the firm has lost billions since offering its first rides in 2011 in its home city of San Francisco, it envisions becoming the “Amazon of transportation” in a future where people share instead of owning vehicles.
The company has moved into electric bikes, trucking, and scooters, as well as meal deliveries, and has a long-term project on flying taxis.
Brian Williams compares Corey Lewandowski’s opening statement to the North Korean news lady
MSNBC host Brian Williams on Tuesday noted the similarities between former Trump campaign manager Corey Lewandowski and North Korean news anchor Ri Chun Hee.
"Corey Lewandowski, the former Trump campaign manager who is now considering a Senate run in New Hampshire, testified before the House Judiciary Committee today," Williams reported. "It is likely his North Korean anchorwoman-quality opening remarks were meant were one viewer (Donald Trump)."
Ri, who has earned the nickname "Pink Lady," is known for her enthusiastic reading of government-approved news.
Watch the video below from MSNBC.
‘Train-wreck of a witness’: Analysts nail ‘obstructive’ Corey Lewandowski for proving the Democrats’ case
Political commentator Catherine Rampell disagreed with New York Times columnist Frank Bruni that the Democrats faltered during the hearing with Corey Lewandowski Tuesday. Former state and federal prosecutor Elie Honig called Lewandowski a "train-wreck of a witness."
She explained that Democrats had an extremely low bar: they had to prove Trump obstructed justice and that Corey Lewandowski gave one of the examples of such obstructions. In that sense, Rampell said they accomplished their goals.
"I don’t think this was a great day for Corey Lewandowski," she began. "This is a guy who went on TV and announced to the world -- apparently at the same time he is also trying to fundraise for Senate -- that he lies most of the time. Except when he's under oath."
WATCH: Ana Navarro keeps shouting down Trump booster — even as CNN host cuts to commercial
President Donald Trump cheered on his top Hispanic advisor Steve Cortes, who appeared before a New Mexico audience. Trump asked Cortes which he loved more, Hispanics or America, which prompted CNN's Ana Navarro to blast the president for racism. Meanwhile, Trump's latest CNN shill cried "political correctness."
"Look, I suspect he didn't want to offend Steve Cortes and I suspect Steve Cortes was not offended," Navarro said. "But really what a stupid thing to say. Right? To somehow ask the question about whether you love the country more than you love Hispanics -- they are one and the same."