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Uber CEO Vows to be ‘Hardcore About Costs,’ Slow Down Hiring in Memo to Employees

posted by janrinok on Wednesday May 11 2022, @01:05PM   

upstart writes:

Uber CEO vows to be 'hardcore about costs,' slow down hiring in memo to employees:

Uber is going to slow down hiring and reduce its costs in response to "seismic shifts" in the financial markets, Uber CEO Dara Khosrowshahi said in a memo to employees.

[...] Uber is the latest company to commit to a hiring slowdown as the labor market tightens and tech stocks in particular have plunged sharply from their heights at the beginning of the COVID-19 pandemic. Meta, the parent company of Facebook, also said it would slow down the pace of hiring for mid-level positions.

Uber will now focus on achieving profitability on a free cash flow basis rather than adjusted earnings before interest, taxes, depreciation, and amortization, Khosrowshahi said, noting that is what the company's investors now expect.

Uber has long been criticized based on the way it calculates its adjusted profits. The company's definition of EBITDA includes an unusually large list of exclusions and is widely seen as an inaccurate measure of the company's overall profitability. The company's stock price is down more than 40 percent year-to-date.

Uber to 'Treat Hiring as a Privilege' as a Way to Cut Costs:

In an email to staff, Uber CEO Dara Khosrowshahi outlined some new and not-so-new cost saving measures.

[...] The rideshare giant is the latest in a string of other tech companies announcing hiring slow downs or cuts. At the end of April, investing app, Robinhood, laid off 9% of its staff. Then, Netflix laid off multiple recently hired writers for blog endeavor Tudum following a dismal quarterly earnings report. And, last week, Meta announced a hiring freeze for the rest of the year.

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Original Submission

• Re:Pay cut? Re:Pay cut? (Score: 2) by FatPhil on Wednesday May 11 2022, @04:01PM (3 children)

  by FatPhil (863) <{pc-soylent} {at} {asdf.fi}> on Wednesday May 11 2022, @04:01PM (#1244080) Homepage

  There used to be a website, fuckedcompany.com, IIRC, where people would anonymously post tales of the goings on in barely-anonymised companies that they felt was indicative of going down the pan. Many of these goings on were extremely common, you could definitely see a pattern. One of those common goings on might be worded as getting "hardcore about costs". Of course no board-level cuts, apart from those who managed to get golden parachutes, of course, /quelle suprise/.

  --
  Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves

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• Re:Pay cut? Re:Pay cut? (Score: 0) by Anonymous Coward on Wednesday May 11 2022, @06:33PM (1 child)

  by Anonymous Coward on Wednesday May 11 2022, @06:33PM (#1244132)

  Yes, it was fuckedcompany. We need something like that site again,

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  • Re:Pay cut? (Score: 1, Interesting) by Anonymous Coward on Wednesday May 11 2022, @07:42PM

    by Anonymous Coward on Wednesday May 11 2022, @07:42PM (#1244151)

    Does Glass Door serve that purpose?

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• Re:Pay cut? (Score: 3, Interesting) by Snotnose on Wednesday May 11 2022, @08:44PM

  by Snotnose (1623) on Wednesday May 11 2022, @08:44PM (#1244161)

  I really miss fuckedcompany because I worked for 2 of the companies that got a lot of views. Got blamed for Stellcom,but that wasn't me.

  --
  When the dust settled America realized it was saved by a porn star.

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