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I was let go today from Uber. If anyone is looking for a Frontend/Fullstack with 7yoe. I'm here :) Find me on LinkedIn https://www.linkedin.com/in/travis-lawrence-b77400b8/
If you can afford it, I’d suggest taking a break.
Can someone explain why Uber stock is up 7% today then? Is it because Uber's expenditure will decrease because of the layoffs?
Yes.
This is Uber's way of saying to their investors that their costs will decrease due to losing billions during the coronavirus outbreak, thus head count must be decreased. But some who are buying now, may see this as a way of selling at the "bull trap" in Q2.
I can't imagine how companies like Uber, Lyft and WeWork could be sustainable in the long term with huge costs and a high burn rate, but this action is definitely in addressing the future Q2 results in the summer which is the actual results including the impact on the coronavirus outbreak. Essentially for companies like Uber and Lyft who don't focus on fast growth, VC cash raising and generating little money with hug…
Anyone know from the inside how this affects stock vesting and pre-IPO stock options?
Assuming anyone laid off had unexercised options, they'll likely have a short window to exercise them before they expire.
I can't imagine how companies like Uber, Lyft and WeWork could be sustainable in the long term with huge costs and a high burn rate, but this action is definitely in addressing the future Q2 results in the summer which is the actual results including the impact on the coronavirus outbreak. Essentially for companies like Uber and Lyft who don't focus on fast growth, VC cash raising and generating little money with hug…
Earlier 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…
You think minicab firms paid benefits before Uber?
I was let go today from Uber. If anyone is looking for a Frontend/Fullstack with 7yoe. I'm here :) Find me on LinkedIn https://www.linkedin.com/in/travis-lawrence-b77400b8/
"Khosrowshahi said the company is winding down its product incubator and artificial-intelligence lab" Does that mean they are officially out of the self-driving car business? Wouldn't you need your AI lab if you were still pursuing that? Also, if you're hitting the paywall: https://outline.com/VL6xaR
(My source is a friend working on self-driving who was laid off today)
Hmm wonder why they announced it on a Monday instead of a Friday?
International companies generally announce cross-border layoffs on Monday (US-time), because that announcement will be during the work week everywhere they operate.