Uber laid off 400 employees on its marketing team as it looks to cut costs in the wake of its lackluster IPO, according to a report in the New York Times.
The layoffs will shrink Uber’s marketing division by nearly one-third. Uber’s post-IPO trajectory has been shaky: Its stock is trading below the IPO price, where it has languished for most of the company’s existence as a public company.
Uber warned investors in its IPO that it might never reach profitability and that its operating expenses would significantly increase. Last year, the company burned through $2.2 billion.
This briefing has been updated to remove the reference to how many offices were affected by the layoffs.