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Illustration: Uber as an online transportation hailing service. (Image: Financial Times)
Uber terminates 400 employees, cutting expense
CALIFORNIA - Online transportation network service based in the U.S, Uber, announced that it terminated 400 employees. Mainly, 400 employees were from its marketing division, formerly 1,200. These 400 employees were terminated from 75 out of 700 offices.The CEO of Uber, Dara Khosrowshahi, and head of marketing division, Jill Hazelbaker, confirmed the rumor. Citing from “New York Times”, Uber stated in an e-mail that the team was “bloated”. By the work termination, there are 800 employees now in Uber’s marketing division.
By the termination, Khosrowshahi aimed to make Uber more consistent and of course, to cut expenses, adding that the layoff should make Uber more efficient as well.
Uber tabulated 22,263 employees were working for them in 2018, and 5% of them work as marketing division alone. In the 1st quarter of 2019, Uber had hired 24,494 employees globally, 1,200 of which were for the marketing division. However, due to the termination today, the percentage was cut to 3.6%.
Uber operates in 173 countries, 785 metropolises. In May, Uber made its debut in the U.S stock exchange, going public. The company traded its 180 million shares and reaped US$8.1 billion fresh funds. The IPO sat as the 3rd largest for a technology company. The first and the second to reap the biggest IPO was Facebook with US$16 billion in 2012 & Alibaba with US$25 billion in 2014.
However, do not let the fact overshadow the reality where Uber’s first-day performance as a public company did not go that well. In the 1st quarter of 2019, Uber booked US$3.1 billion in revenue post, however losing US$1 billion in exchange. Next week, Uber is going to report its 2nd quarter earnings.
Despite being the third-largest IPO for a technology company, Uber’s IPO marks the single worst in the history of the stock market, debuting in US$45 for the IPO. On Monday (29/7), the share was traded for US$43.88 in New York.
Therefore, some experts said that the termination was the result of Uber’s bad performance and miscalculation.
Source: https://www.cnnindonesia.com/ekonomi/20190730104324-92-416683/uber-phk-400-karyawan-demi-tekan-biaya
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