Uber to cut costs, slow down hiring, CEO tells staff

FILE PHOTO: An Uber office is shown in Redondo Beach, California, U.S., March 16, 2022. REUTERS/Mike Blake

(Reuters) - Uber Technologies Inc will scale back hiring and reduce expenditure on its marketing and incentive activities, according to a letter from Chief Executive Officer Dara Khosrowshahi seen by Reuters.

The ride-hailing company becomes the latest to rein in costs to have a lean investment model, after Facebook-owner Meta Platforms Inc said last week it would slow down the growth of its workforce.