According to CNBC, Uber will reduce hiring and reduce expenses related to its marketing and incentive activities, according to a letter from Chief Executive Officer Dara Khosrowshahi.
After Facebook''s owner said last week, the ride-hailing company would reduce the growth of its workforce.
According to a CNBC report, Uber''s shift in strategy was a necessary response to the "seismic shift."
"We will consider hiring as a privilege and be deliberate about when and where we add headcount," Khosrowshahi said of the least effective marketing and incentive spending.
Uber said it would continue driving at a post-pandemic high last week, while the company anticipates significant incentive investments, compared to Lyft, which has stated that it must invest more in labor.
According to the CNBC report, the company will now concentrate on earning profit on a free cash flow basis rather than adjusted earnings before interest, taxes, depreciation, and amortization.
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According to its latest earnings report, the ride hailing company expects to generate "meaningful positive cash flows."
According to a CNBC report, Uber''s food delivery and freight industries must grow faster.
Uber did not respond to a Reuters'' request for clarification immediately.
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