SAN FRANCISCO (KDKA) – Uber laid off nearly 400 people in an effort to cut costs.
According to the New York Times, Uber laid off 400 people from its marketing team as the comapny tries to streamline its operations after its stock market launch in May.
Uber announced the cuts on Monday. Before the layoff, the New York Times reports the marketing team had more than 1,200 employees.
The layoff is taking place in 75 Uber offices around the world.
Uber says it lost almost $1 billion during the first quarter, and at the end of May, the ride-sharing company reported its slowest growth in years.