It has been a couple of months since Uber went public and now it looks like the company is shedding some of its marketing team members in order to cut costs. The layoffs will affect around 400 people and according to an internal letter that was reviewed by The New York Times, Uber is cutting the positions because the team had become bloated.
The company has been steadily losing money for quite some time. In 2016, it reported a loss of just over a billion dollars for just the first half of the year and even more astounding its total loss of 10 billion dollars over the past two years.
Its money problems aside, the company has also suffered numerous public scandals with regards to sexist and hostile work environments, racial discrimination, covering up data breaches, numerous exits of top executives, and even resignation of its co-founder after numerous public gaffes.
Despite all of these issues, Uber has managed to walk through multiple walls of fire, rising out of the ashes like a phoenix, finally going public after multiple years of it being rumored. With a new CEO, the firm has managed to make plenty of refinements to its business that protect itself and its customers. But only time will tell whether its business will really take off and become profitable.