Can someone explain why Uber stock is up 7% today then? Is it because Uber's expenditure will decrease because of the layoffs?
The entire market is up on Powell’s positive remarks on the economy’s recovery.
Uber cuts 3000 more jobs, closes 45 offices
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Re: Uber cuts 3000 more jobs, closes 45 offices
#32Dara's email was really well written, and felt as compassionate as one can for a letter from a CEO announcing job cuts. The full email: Team Uber: These have been unprecedented and challenging times for everyone—our societies, our governments, our families, our economies, all around the world. They’ve also been challenging for Uber, and many of you, as you’ve waited for us to define the road ahead. I’ve said clearly…
> And over the next 12 months we will begin the process of winding down our Singapore office and moving to a new APAC hub in a market where we operate our services. Wonder where the new APAC hub is? Could it be Hong Kong? They have had the unrest issues but haven't been impacted much by covid, relatively speaking.
My educated guess is India. They have a reasonably big development center in Bangalore and Hyderabad, besides operating rides business there.
Re: Uber cuts 3000 more jobs, closes 45 offices
#33Dara's email was really well written, and felt as compassionate as one can for a letter from a CEO announcing job cuts. The full email: Team Uber: These have been unprecedented and challenging times for everyone—our societies, our governments, our families, our economies, all around the world. They’ve also been challenging for Uber, and many of you, as you’ve waited for us to define the road ahead. I’ve said clearly…
Seems like a lot of cuts that needed to happen even without Covid. Common refrain for these companies is why does Company X need Y thousands of employees for a single app/website. For Uber I guess we are going to find out how much they were really needed.
Re: Uber cuts 3000 more jobs, closes 45 offices
#34Can anyone with knowledge share whether the Uber Amsterdam office is impacted?
Re: Uber cuts 3000 more jobs, closes 45 offices
#35Can someone explain why Uber stock is up 7% today then? Is it because Uber's expenditure will decrease because of the layoffs?
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Re: Uber cuts 3000 more jobs, closes 45 offices
#36Can someone explain why Uber stock is up 7% today then? Is it because Uber's expenditure will decrease because of the layoffs?
There's not always a true, causal explanation of why stocks are reacting as they are. Don't be too quick to trust cable news anchors or other stock market shills that make a living making up and touting stock market narratives. By definition a stock price is a split of the public consensus of what's happening, just as many people are selling as buying at that price.
Your explanation seems as good as any.
Re: Uber cuts 3000 more jobs, closes 45 offices
#37Hmm wonder why they announced it on a Monday instead of a Friday?
The most reasonable explanation is that they were targeting Friday, but were late and so it was Monday. Firing 3,000 employees takes a lot of preparation. If there are a few corner case employee resolutions, that holds up the whole bunch
Re: Uber cuts 3000 more jobs, closes 45 offices
#38Earlier quoted context omitted.
Geez, this is incredibly callous. These are real people who are losing their livelihoods.
It's gauche to say it on the day a bunch of people lost their jobs (and there's no need for the schadenfraude) but I think the underlying point is sane. Uber's business model is replacing FTEs in a a hidebound, regulated industry with gig workers (& good UX!). If you were forecasting how this company in particular would deal with a downturn, it's a reasonable guess that they'll try to do the same thing to their own w…
A large portion of taxi drivers are independent contractors.
Re: Uber cuts 3000 more jobs, closes 45 offices
#39Earlier quoted context omitted.
> And over the next 12 months we will begin the process of winding down our Singapore office and moving to a new APAC hub in a market where we operate our services. Wonder where the new APAC hub is? Could it be Hong Kong? They have had the unrest issues but haven't been impacted much by covid, relatively speaking.
My educated guess is India. They have a reasonably big development center in Bangalore and Hyderabad, besides operating rides business there.
The Information had a good article on the engineering layoffs (at least the previous round). The CEO decided to cut people to shift development to lower cost countries even when some managers were willing to cut their own salaries to save some jobs.
Re: Uber cuts 3000 more jobs, closes 45 offices
#40Earlier quoted context omitted.
> And over the next 12 months we will begin the process of winding down our Singapore office and moving to a new APAC hub in a market where we operate our services. Wonder where the new APAC hub is? Could it be Hong Kong? They have had the unrest issues but haven't been impacted much by covid, relatively speaking.
My educated guess is India. They have a reasonably big development center in Bangalore and Hyderabad, besides operating rides business there.
This must feel really bad. 200k engineers replaced by 30k indians.