Uber Technologies (NYSE:UBER) layoffs see the company cutting jobs at its freight division following aggressive hiring in 2022.
This has the company laying off a total of 150 workers at Uber Freight, which makes up about 3% of its employees. This is Uber’s business focused on matching truck drivers with loads, rather than its more well-known ride-sharing service.
Lior Ron, CEO of Uber Freight, said the following in a note to employees obtained by CNBC:
“As you know, the logistics market is currently facing a number of headwinds which has impacted our customer base as well as the overall industry. We accelerated hiring last year within certain areas of our Brokerage business, planning for a different economic reality, but the volumes did not materialize as expected.”
Employees included in the Uber Freight layoffs will be granted departure packages. That includes severance, as well as extended healthcare and a bonus payment for their work in 2022. The company will also provide them with outplacement and career support, as well as immigration services.
Uber Joins Layoffs Trend
Uber isn’t the only company announcing layoffs recently. Several companies have been reducing their workforce in light of current economic situations. That includes inflation and recession worries. Tech companies in particular are being hit hard right now and announcing job cuts.
UBER stock is 3.5% as of Wednesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.