Uber's cost-cutting strategy highlights a divergence from Lyft, its main competitor in the U.S. He ended the note with a rallying call to staff: "let's make it legendary. He added the company's freight business is a growth opportunity that "needs to get even bigger." Though investors are "happy" with the growth of Uber Eats coming out of the pandemic, the segment "should be growing even faster," Khosrowshahi said. "We are serving multi-trillion dollar markets, but market size is irrelevant if it doesn't translate into profit," he said. Still, Uber also posted a $5.9 billion loss in the period, citing a slump in its equity investments. The company has relied heavily on its Eats food delivery unit to boost sales in the pandemic. Uber's revenue more than doubled to $6.9 billion in the first quarter, as demand for its rides business rebounded thanks to a relaxing of Covid restrictions. "We have made a ton of progress in terms of profitability, setting a target for $5 billion in Adjusted EBITDA in 2024, but the goalposts have changed," Khosrowshahi said.
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Uber will now focus on achieving profitability on a free cash flow basis rather than adjusted earnings before interest, taxes, depreciation, and amortization, Khosrowshahi said. The stock, which hit a new 52-week low earlier in the session, has fallen more than 45% year to date. Uber shares closed down more than 11% on Monday. Facebook parent company Meta last week told staff it would stop or slow the pace of adding midlevel or senior roles, while Robinhood is cutting about 9% of its workforce. It makes Uber the latest tech company to warn of a slowdown in hiring. Personal Loans for 670 Credit Score or Lower
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