Uber Loves to Fire People
Another 400 Product and Engineering People Let Go.
Yikes, Uber, do you need a lift? After a pretty dismal IPO, Uber is letting go and trimming its tech all-star studded roster.
Uber laid off 435 employees on Tuesday in its engineering and product departments, TechCrunch first reported.
Globally, the company currently employees about 25,000 people. First, it was marketing, now it’s product and engineering. It’s painful to watch. Another Unicorn not living up to the hype.
Uber Needs a Reality Check Moment
In a statement, Uber said the move was about staying nimble as a 27,000-person, global company. Stay nimble, Uber. Now, where’s my Lyft?
The layoffs had no effect on Eats — one of Uber’s top-performing products — and Freight, according to a source familiar with the situation.
The highly unprofitable startup wasting money from Saudi Arabia (via Softbank) appears almost to be contracting from the global scene of its once expansive bro-culture.
Uber’s IPO Looks Like a Beastly Disappointment
Uber became a publicly traded company in May, and in the run-up to its IPO, the company’s business plans were scrutinized for their lack of a clear path to profitability.
The Uber-WeWork-Airbnb models aren’t as sweet as they once appeared. This is barely a tech company, and this company is so far behind Waymo One and the automobile industry with self-driving tech, it’s nearly laughable.
Of those laid off, more than 85% are based in the U.S., 10% in the Asia-Pacific and 5% in Europe, the Middle East and Africa, according to the source. What are you going to do, save money, guys?
I’ll never use your services. For ethical reasons #DeleteUber.
Uber is Thinning the Ranks, but Did the Bro Culture Ever Die?
So many people have departed the company it’s kind of shocking. Heads should roll at the top though. This is a bit sad for San Francisco to watch.
These layoffs come shortly after Uber laid off 400 people from its marketing team. In Q2 2019, Uber lost more than $5 billion — its biggest quarterly revenue loss to date.
$5 billion losses? Shouldn’t you not have expanded so aggressively, doing all those shady things, perhaps? Should you not have felt you were going to be the next Amazon? Absurd for such a low margin business in the first place.
This is like a dark-tech Unicorn that cheated to get on top. Uber is not on top, Didi will beat it there. Lyft will beat them at home. Just go home, guys.
Uber Needs a More Serious Wake Up Call
As Uber lays off its W-2 employees, it’s simultaneously investing in ensuring its 1099 independent contractors remain classified in that way. Your gig-economy is a fraud and those poor contractors need more protection from you.
Uber is currently trading at $33.42 per share, well below its IPO pricing of $45. You cannot convince me to invest in a company with such a history of malpractice and exploitation.
Uber faces an existential reckoning with new California laws. State senators in California are poised to vote on Assembly Bill 5, which would make it more difficult for so-called gig economy companies to classify workers as independent contractors.
We need to protect the little guys from these “Black Titan Unicorns”. Uber is scary, not in its scale but in its attempt to manipulate our reality. A Black mirror startup, if I ever spotted one.
Uber hopes these changes mean to reset and improve how they work day to day — ruthlessly prioritizing, and always holding themselves accountable to a high bar of performance and agility. Ruthless indeed! Time to eat your own and take that chip on your shoulder elsewhere.
Bigger is not always better, as we are learning from the less profitable mega-IPOs.
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