Uber Technologies Inc (NYSE:UBER) shares are trading lower Monday following a report that CEO Dara Khosrowshahi is calling for cost cutting at the company.
According to a CNBC report, Khosrowshahi told employees in an email that Uber will cut back on spending to address a “seismic shift” in investor sentiment.
"After earnings, I spent several days meeting investors in New York and Boston," Khosrowshahi wrote in the email. "It’s clear that the market is experiencing a seismic shift and we need to react accordingly."
Related Link: Uber CEO Calls For Cost Cutting, Treating Hiring As Privilege Amid Seismic Market Shift: Report
Uber reportedly plans to cut spending on marketing and treat hiring as a "privilege" in order to address the sentiment shift.
"We will be even more hardcore about costs across the board," he added.
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UBER 52-Week Range: $24.75 - $52.36
The stock was down 2.49% at $25.42 at press time.
Photo: courtesy of Uber.
