Uber layoffs: Around 10% employees of cab aggregator in India lose jobs in global retrenchment drive

  • CEO Dara Khosrowshahi announced the layoffs in a company-wide email, a CNBC report said

  • Uber reported a loss of $5.2 billion in the second quarter of 2019 which could be one of the chief reasons for the recent layoffs

  • Uber debuted on the New York Stock Exchange on 10 May at an IPO price of $45; the stock is currently trading at $32

Around 10 percent employees of Uber in India have lost their jobs in a global retrenchment drive that has seen 350 people lose their jobs in the ride-sharing company.

CEO Dara Khosrowshahi announced the layoffs in a company-wide email, a CNBC report said.

He wrote in the mail: “Days like today are tough for us all, and the [executive leadership team] and I will do everything we can to make certain that we won’t need or have another day like this ahead of us,” Khosrowshahi said.

Those impacted by the drive are from the marketing segment, recruiting, its advanced technologies group and safety units, as well as several of its global rides and platform units. Some employees have also been asked to relocate, said media reports.

 Uber layoffs: Around 10% employees of cab aggregator in India lose jobs in global retrenchment drive

Representational image. PTI

In total, the layoffs represent about 1 percent of the company, an Uber spokesperson told TechCrunch.

In July, Uber had laid off 400 people globally from its marketing team.

In September, it announced the axing of 435 employees, mostly from its product and engineering department.

This is the third round of layoffs, with Uber cutting jobs in its engineering, product and marketing teams earlier this year, the report said.

Around 70 percent of employees who will lose their job is based in the USA and Canada.

The job terminations in India will impact all of Uber's businesses in the country, including its online food-delivery vertical under UberEats, The Economic Times said quoting people in the know.

The company reported a loss of $5.2 billion in the second quarter of 2019 which could be one of the chief reasons for the recent layoffs.

Uber debuted on the New York Stock Exchange on 10 May at an IPO price of $45. The stock is currently trading at $32.

 

 

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Updated Date: Oct 16, 2019 15:46:00 IST