Uber Is Laying Off Hundreds of Employees (Again)
It's been a rough year for ridesharing leader Uber (NYSE: UBER), which went public in a highly anticipated IPO in May only to be greeted by widespread skepticism. The core ride-hailing business has poor unit economics, and the company reported a staggering $5.2 billion loss in the second quarter. Much of that red ink was attributable to going public, as companies commonly recognize substantial stock-based compensation expenses in connection with their IPOs.
For the third time in as many months, Uber is laying off hundreds of employees in an effort to cut costs.
Image source: Uber.
Source Fool.com
