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@ MoneyControl

Uber fires 400 employees as losses continue to pile up

Uber has given pink slips to 435 employees, most from product and engineering, on the back of continued losses. The move cuts the team’s strength by 8 percent and is the startup’s second round of layoffs since it fired 400 employees in July. Uber Chief Executive Dara Khosrowshahi said, “the company has gone off course as it grew and must streamline to regain its competitive edge.” Despite boasting around 100 million users worldwide, Uber stayed in the red as the company’s business model failed to turn profits. It registered $5.2 billion in losses and its slowest revenue growth ever.

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