Uber Plans to Cut Costs, Slow Down Hiring

According to reports, Uber Technologies Inc is planning to scale back hiring and reduce spending on marketing and incentive operations. Uber is the latest company to keep costs down on a lean investment model after Facebook owner Meta Platforms Inc said last week that it was slowing the growth of its workforce. 

The report quoted Khosrowshahi saying, “The least efficient marketing and incentive spend will be pulled back. We will treat hiring as a privilege and be deliberate about when and where we add headcount.”

Uber said last week that it was at a high level after the pandemic and expects this to continue without significant investment in the stimulus. This is in contrast to rival Lyft Inc, which said it needed to spend more on the workforce.

According to a CNBC report, the company is currently focused on generating profitability based on free cash flow rather than adjusted earnings before interest, taxes, depreciation, and amortization.