Uber (UBER) is going through its third round of layoffs this year.
The company has previously laid off upwards of 800 people from various departments and then announced on Monday that around 350 more employees from departments such as Uber Eats and self-driving will be losing their jobs.
Uber has shaved around 1% of its workforce.
CEO Dara Khosrowshahi said that this is the "last wave of a process that we began months ago."
"This time, ATG, Eats, Global Rides and Platform (Rides Ops, CommOps, Safety & Insurance, U4B, and Product Ops), Performance Marketing, and Recruiting have made changes," Khosrowshahi said. "Days like today are tough for us all, and the ELT and I will do everything we can to make certain that we won't need or have another day like this ahead of us."
TheStreet's tech reporter Annie Gaus and tech columnist Tiernan Ray broke down what the Uber news means for investors.
"Khosrowshahi kind of depicted it as an ongoing effort to eliminate bureaucracy and kind of cut the fat, eliminate redundancy within the organization. But for investors, the layoffs, you know, may also sort of provide some kind of assurance that Uber can, in fact, get its cost down, reduce overhead, and ultimately become profitable, which has been a big question hanging over Uber in the months since it's been public," said Gaus.
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