Uber plan cuts to costs and hiring

CNBC reports that Uber Technologies is scaling back hiring and reducing its expenditures, according to a letter from its Chief Executive Officer Dara Khosrowshahi.

Khosrowshahi said Uber is trying to respond to the “seismic shift” in investor sentiment.

Uber said last week its driver base is at a post-pandemic high, and the company expects this to continue without significant incentive investments.

The ride hailing giant expects to generate “meaningful positive cash flows” for the full year, according to its latest earnings report.

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