Uber CEO Says Layoffs Will Help Cut Rider Prices; Company Cut 3,300 Jobs Last Month
SingTao · 2 SOURCESabout 2 hours ago1 MIN
Summary
Uber CEO Dara Khosrowshahi revealed that the company plans to lower rider prices using savings generated from its recent workforce reduction. The San Francisco-based ride-hailing platform eliminated about 3,300 jobs, representing 10% of its staff, earlier this month. During a Goldman Sachs conference, Khosrowshahi also disclosed personal stock purchases worth approximately $10 million.
Key Points
- Uber cut 3,300 jobs (10% of workforce) on September 1, 2026
- CEO Dara Khosrowshahi announced at Goldman Sachs conference that savings will lower prices and improve service
- Second-quarter revenue reached $14.19 billion, up 12% year-over-year, with adjusted EPS of $0.81 (+28.5%)
- Khosrowshahi purchased roughly $10 million in Uber shares on September 11, 2026
- CEO stated Uber acted from "a position of strength versus weakness" rather than waiting like other firms
Why It Matters
The aggressive cost-cutting strategy comes as Uber seeks to retain users in a competitive ride-hailing market where lower prices could attract price-sensitive commuters in major cities worldwide .
The aggressive cost-cutting strategy comes as Uber seeks to retain users in a competitive ride-hailing market where lower prices could attract price-sensitive commuters in major cities worldwide .