Uber Technologies to cut costs and slow down hiring, CEO tells staff

Uber Technologies Inc will scale back hiring and reduce expenditure on its marketing and incentive activities, CNBC reported on Monday, citing a letter from Chief Executive Officer Dara Khosrowshahi.

The ride-hailing company becomes the latest to rein in costs to have a lean investment model, after Facebook-owner Meta Platforms Inc said last week it would slow down the growth of its workforce.

Khosrowshahi said Uber's change in strategy was a necessary response to the "seismic shift" in investor sentiment, according to the CNBC report.

"The least efficient marketing and incentive spend will be pulled back. We will treat hiring as a privilege and