Uber Inc’s chief executive officer (CEO) Dara Khosrowshahi has told staff that the company will scale back on hiring and reduce expenditure on marketing and incentives activities.
The ride-hailing company follows several tech companies in Silicon Valley who decided to cut back on their expenditure.
“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,” said Khosrowshahi.
“What we can do at Uber is to continue to execute in terms of the top line, bottom-line profitability. We share your frustration,” adds the CEO.
Khosrowshahi told CNBC, “Uber’s food delivery and freight businesses need to grow faster.”