Uber Technologies Inc (NYSE: UBER) shares closed higher Tuesday after the ride-hailing company announced another round of layoffs.
Uber laid off 435 employees across its product and engineering teams Tuesday, representing roughly 8% of the organization. The decision comes shortly after the company laid off 400 people from its marketing team.
Techcrunch reported the layoffs had no effect on Uber Eats, one of the company’s top-performing segments, or Uber Freight. Uber lost more than $5 billion in the second quarter of 2019.
“Our hope with these changes is to reset and improve how we work day to day — ruthlessly prioritizing, and always holding ourselves accountable to a high bar of performance and agility,” an Uber spokesperson told TechCrunch.
“While certainly painful in the moment, especially for those directly affected, we believe that this will result in a much stronger technical organization, which going forward will continue to hire some of the very best talent around the world.”
The company said it has over 27,000 full-time employees worldwide.
Uber shares were up 3.97% at $33.51 at the close Tuesday.
Traffic Jam: Uber Seen Posting Losses In Latest Quarter As Stock Still Stuck
Lyft's Quarter Shows Ride-Sharing Market Strength, May Be Good Sign For Uber
Photo courtesy of Uber.
See more from Benzinga
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.