Uber CEO Dara Khosrowshahi told employees that the ride-hailing giant will scale back hiring and cut back on spending to address a ‘seismic shift’ in investor sentiment
The company will now focus on achieving profitability on a free cash flow basis, rather than adjusted earnings before interest, taxes, depreciation, and amortization, according to the CNBC report.Read More
During the company's annual shareholder meeting on Monday, Khosrowshahi addressed investors' concerns. "What we can do at Uber is to continue to execute in terms of top line, bottom line profitability," the CEO said, adding that the company's results and guidance surpassed analyst expectations. "We share your frustration."The company expects to generate "meaningful positive cash flows" for the full year, according to its latest earnings report.
Khosrowshahi added in his letter that Uber's food delivery and freight businesses need to grow faster, the CNBC report added.Register now for FREE unlimited access to Reuters.comReporting by Tanvi Mehta in Bengaluru, additional reporting by Tina Bellon in Austin, Texas; Editing by Rashmi Aich and Aurora EllisSubscribe to our auto newsletter to get the latest news that are driving the global automotive industry.
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