Uber cutting costs in response to ‘seismic shift,’ CEO tells staff ...Middle East

Uber is planning to cut back on costs and slow hiring in response to a “seismic shift” in the market, CEO Dara Khosrowshahi told employees in an email Sunday evening. “The average employee at Uber is barely over 30, which means you’ve spent your career in a long and unprecedented bull run,” he wrote.  “This next period will be different, and it will require a different approach,” Khosrowshahi continued. “Rest assured, we are not going to put our heads in the sand.” The email was first obtained by CNBC. A spokesperson for the company confirmed the veracity of the note to The Hill. Tech stocks have dropped steadily over the last few weeks, and although Uber had a strong first qu

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