Uber CEO sent an email to all employees tonight, according to CNBC. Here are the relevant parts: 5. Meeting the moment means making trade-offs. The hurdle rate for our investments has gotten higher, and that means that some initiatives that require substantial capital will be slowed. We have to make sure our unit economics work before we go big. 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. We will be even more hardcore about costs across the board. I’ve never been more certain that we will win. But it’s going to demand the best of our DNA: hustle, grit, and category-defining innovation. In some places we’ll have to pull back to sprint ahead. We will absolutely have to do more with less. This will not be easy, but it will be epic. Remember who we are. We are Uber, a once-in-a-generation company that became a verb and changed the world forever. Let’s write the next chapter of our story, working together as #OneUber, and let’s make it legendary. Email screenshots: https://twitter.com/dee_bosa/status/1523493369695014913?s=20&t=lcCXDrZgQqlAre81hZosng #Uber
Wow layoffs in growth marketing team for sure
Uber is shit
Why?
Product is good. It was innovative back then. Suffered Netflix syndrome. Not adapting to competition. Uber hadn’t a single one green year. Company culture suffered a lot because of rapid growth. Massive layoffs over the time. Company culture sank. Now it’s just yet a regular product with not much innovations neither being competitive and being run by a weak Leadership without sense of direction.
That’s some good writing. Blind, take notes. LC and prose get you max TC.
A step in the right direction
Bubble about to burst!
Can anyone tell me what happens to accepted offer with h1b transfer process started? Really was looking forward to joining…
No one knows mate, don’t stress out. I really doubt eng will face cuts
Don't stress out. If you haven't heard anything from your recruiter, assume your offer hasn't affected. Just make sure you have a back up (don't quit your current job yet, cancel other offers if you can keep them going)
What happens to accepted offers with a start date in about a month?
So marketing layoff + hiring freeze for now.
This is just the beginning.
likely, especially since he buried it in the middle of his email