Uber laid off 400 employees from its 1,200-person global marketing team Monday, according to The New York Times. The cuts reportedly hit 75 of the company’s offices around the world. Since the company’s lukewarm initial public offering in May, doubts about its ability to become profitable have overshadowed its other efforts and caused its stock to falter. Uber has never turned a profit in its 10-year history, disclosed slow growth in May, and posted a $1 billion loss in the first quarter of 2019. The company did not immediately respond to request for comment.
SOURCE: The Daily Beast – Blake Montgomery