Photo by Philip Cheung for The Verge
Uber CEO Dara Khosrowshahi vowed to rein in costs at the ride-hailing company in the face of a “seismic shift” in the financial market, according to a memo sent to employees that was first reported by CNBC.
The effort to reduce spending is in response to the dramatic upheaval in the labor market that has Uber scrambling to find drivers to meet growing demand. Khosrowshahi said that, moving forward, the company will treat corporate hiring as a “privilege,” suggesting that Uber may be looking to freeze or even reduce its staff numbers as it aims to become a leaner operation.
Uber is the latest company to commit to a hiring slowdown as the labor market tightens and tech stocks in particular have plunged sharply from their heights at the…
