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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.

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.


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