Uber declares that it will cease the search and hiring of available engineer positions. The second quarterly losses for the company accumulate to $5.4 billion at an all-time low for uber.
Uber has also recently let go of around 400 marketing employees from their company which is having current employees also worried that their would-be future broader cuts within the company due to their ever-diminishing status.
Yahoo’s Krystal Hu states, “During a recent all-hands meeting, a question about potential layoffs in the engineering department was also raised, but executives didn’t provide any timelines.”
Acknowledging the company’s gigantic low-end report and losses, the company itself is in no present threat of critical financial status. Right now Uber can afford to be burning its profits at this rate for more than 24 months, however, they will be then facing heavy pressure from Wall Street itself to configure a better option long before that would happen.