- The stock price of Uber (NYSE: UBER) is trending today. This is why.
The stock price of Uber (NYSE: UBER) is trending today as the price fell by over 6.5% as part of a broader market selloff. One of the triggers for the stock price drop today has to do with a letter from CEO Dara Khosrowshahi.
Khosrowshahi’s noted that Uber will be scaling back hiring and reducing expenditures on marketing and incentive activities. Uber’s decision to scale back hiring comes on the heels of reports that Facebook parent company Meta would also slow the growth of its workforce.
“The least efficient marketing and incentive spend will be pulled back. We will treat hiring as a privilege and be deliberate about when and where we add headcount,” wrote Khosrowshahi in the report.
Going forward, Uber is going to focus on achieving profitability on a free cash flow basis instead of adjusted EBITDA.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.