Uber to slash spending on incentives and new hires
Uber is planning on tightening the purse strings this year. In an email to employees shared with, the ride-hailing firm’s CEO Dara Khosrowshahi said the company would cut back on spending amidst a “seismic shift” in investor sentiment. First up on the chopping block are marketing and incentives, also known as Uber’s various perks for customers and drivers that include sign-up bonuses and ride discounts.
“We have to make sure our unit economics work before we go big. 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. We will be even more hardcore about costs across the board,” wrote Khosrowshahi.
The company’s quarterly earnings call last week contained both good news and bad news: Uber’s $6.9 billion infor the first quarter of 2022 was a staggering 136 percent increase from the same period last year. It’s clear that demand is returning to pre-pandemic levels. But the company also lost $5.6 billion due to its many investments, which include overseas ride-sharing apps.
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