Uber to layoff 400 employees, citing ‘mediocre results’

Bloomberg

Uber Technologies Inc said it’s cutting a third of its marketing department globally, as the CEO seeks to address concerns that the business is slowing down.
The ride-hailing company will dismiss about 400 employees.
Dara Khosrowshahi, the CEO, told employees of the changes in an email.
“Today, there’s a general sense that while we’ve grown fast, we’ve slowed down,” Khosrowshahi wrote in the email reviewed by Bloomberg. “This happens naturally as companies get bigger, but it is something we need to address, and quickly.”
Uber went public in May and currently trades just below the IPO price. The staff reduction represents about 1.6% of Uber staff globally. It’s the first major reorganisation of the marketing and communications arm since Jill Hazelbaker, a longtime executive, took control of the group last month.