Uber will slash spending on marketing and incentives and treat hiring as a “privilege,” CEO Dara Khosrowshahi said in an email to staff on Sunday.
Uber will now focus on achieving profitability on a free cash flow basis rather than adjusted EBITDA , Khosrowshahi said.
"We are serving multi-trillion dollar markets, but market size is irrelevant if it doesn't translate into profit," he said. 2. Investors finally understand that we are a completely different animal than Lyft and other ridesharing-only platforms. They are incredibly excited about the pace of our innovation, how quickly we are rebounding, and huge growth opportunities like Hailables and Taxi. While they acknowledge that we are winning, they don't yet know the"size of the prize.
5. Meeting the moment means making trade-offs. The hurdle rate for our investments has gotten higher, and that means that some initiatives that require substantial capital will be slowed. We have to make sure our unit economics work before we go big. The least efficient marketing and incentive spend will be pulled back. We will treat hiring as a privilege and be deliberate about when and where we add headcount. We will be even more hardcore about costs across the board.
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