Quantcast
Connect with us

Uber trims more staff as it seeks a route to profit

Published

on

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.

ADVERTISEMENT

“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.

ADVERTISEMENT

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.

ADVERTISEMENT

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.

ADVERTISEMENT

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.

ADVERTISEMENT

Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Breaking Banner

Louisiana judge admits to exchanging racist texts with cop boyfriend about courtroom employees

Published

on

Appearing on a local TV station on Sunday, a district court judge in Assumption Parrish in Louisiana owned up to racist comments she made about African-American employees in her courtroom that she texted to her then-police officer boyfriend.

According to WAFB, Judge Jessie LeBlanc initially denied using the N-word about a black sheriff’s deputy and a black law clerk in her district when texting with former chief deputy, Capt. Bruce Prejean, with whom she was involved while both were married.

Continue Reading

Facebook

US Supreme Court agrees to decide if taxpayer funded religious adoption agencies can discriminate against LGBTQ people

Published

on

The U.S. Supreme Court has announced it will hear a case that could determine if taxpayer-funded religious organizations, including adoption and foster care agencies, can legally discriminate against LGBTQ people. Monday morning the conservative-majority court agreed to hear Fulton v. Philadelphia, which is being litigated by the far right wing Becket Fund for Religious Liberty.

Catholic Social Services is claiming it has a First Amendment right to discriminate against same-sex couples and LGBTQ people, – including refusing to allow them to adopt or foster children – while still accepting taxpayer funds.

Continue Reading
 

Breaking Banner

Julian Assange lawyer tells court: After pardon fell through, Trump administration resorted to ‘extortion’

Published

on

An attorney for WikiLeaks founder Julian Assange accused the Trump administration of extortion in a London court on Monday.

The WikiLeaks attorney appeared at Woolwich Crown Court along with U.S. prosecutors, who argued that Assange should be extradited the United States, where he faces 18 charges and up to 175 years in jail.

Attorneys for Assange previously told the court that former Congressman Dana Rohrabacher (R-CA) tried to broker a pardon deal between the White House and Assange if he would agree to say that Russia was not the source of hacked Democratic Party emails.

Continue Reading
 
 
close-image