Skip to content

CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Uber to lay off more than 400 staff as it tries to steer onto the profitability road track

The firm which was founded in 2009, currently has more than 27,000 employees around the world. The decision to cut jobs was to improve on efficiency, Uber said.

Uber Technologies Source: Bloomberg

American ride-sharing company Uber Technologies will be letting go 8% or more than 400 staff from its product and engineering teams as it attempts its rough ride to profitability.

A spokesman told news agency AFP on Tuesday the firm is cutting about 265 people from its engineering group and another 170 more jobs from its product team.

The firm which was founded in 2009, currently has more than 27,000 employees around the world. The decision to cut jobs was to improve on efficiency, Uber said.

‘Our hope with these changes is to reset and improve how we work day to day - ruthlessly prioritising, and always holding ourselves accountable to a high bar of performance and agility,’ the Uber spokesperson said.

Uber slashed 400 staff from its marketing team in July to reduce costs and also to improve on efficiency, the firm had said.

The tech company made losses that were below market expectations in the second quarter. It lost US$5.2 billion as compared to losing US$848 million in the same period last year. Revenue, meanwhile, grew 14% to US$3.2 billion.

Due to investors’ concerns on the firm's ability to deliver profits, Uber’s shares have fallen since its debut price of US$45 in May. On Monday, Uber's shares closed the day's session at US$33.51.


This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

Act on stock opportunities today

Go long or short on thousands of international stocks with CFDs.

  • Get full exposure for a comparatively small deposit
  • Trade on spreads from just 0.1%
  • Get greater order book visibility with direct market access
Learn more

See opportunity on a stock?

Try a risk-free trade in your demo account, and see whether you’re on to something.

  • Log in to your demo
  • Try a risk-free trade
  • See whether your hunch pays off
Log in now

See opportunity on a stock?

Don’t miss your chance – upgrade to a live account to take advantage.

  • Trade a huge range of popular stocks
  • Analyse and deal seamlessly on fast, intuitive charts
  • See and react to breaking news in-platform
Log in now

See opportunity on a stock?

Don’t miss your chance. Log in to take advantage while conditions prevail.

Take advantage

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Friday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

<h3>How much does trading cost?</h3>
<h3>Find out about IG</h3>
<h3>Plan your trading</h3>

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.