Uber Freezes Engineering Hires Amid Mounting Losses
Arthur T Knackerbracket has found the following story:
Uber is freezing hiring for software engineers and product managers across its US and Canadian workforce, the company acknowledged to Bloomberg on Friday. The shift was reported by Yahoo earlier in the day. The freeze does not apply to Uber's autonomous vehicle and freight shipping divisions.
The news comes a day after Uber reported second quarter operating losses of $5.4 billion-a new record for the company. That figure exaggerates Uber's quarterly burn rate because it includes more than $4 billion in one-time charges related to Uber's initial public offering. Still, excluding IPO-related charges still leaves around $1.2 billion in operating losses, worse than the $1 billion the firm lost in the first quarter.
Uber recently laid off 400 marketing workers. According to Yahoo, Uber employees are worried that this could be a prelude to broader cuts as the company's struggles to stem its losses.
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