Ride-hailing giant Uber is implementing a cost-cutting exercise by laying off 200 employees in its recruitment division. The Wall Street Journal reports that this reduction accounts for 35% of Uber’s recruiting team. Earlier this year, the company had already cut 150 jobs from its freight services division. In May, Uber had announced its intention to maintain a flat workforce. Furthermore, Uber remains confident in achieving its revenue targets by the end of 2023.
Workforce Reduction of 17%
Since the start of the pandemic, Uber has downsized its workforce by 17% to date. In 2020, the company underwent two major rounds of job cuts, resulting in around 6,700 job losses. After laying off 3,500 employees in May 2020, the ride-sharing firm revealed plans for an additional 3,000 job cuts. During the first quarter of this year, Uber experienced a 24% increase in ridership, reaching 2.1 billion rides or approximately 24 million rides per day on average.
Uber CEO Dara Khosrowshahi reported a 32% growth in earnings and an increase in first-quarter growth from 19% to 24%. Khosrowshahi is focused on increasing profits in 2023 to solidify Uber’s position as a market leader.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.