Excerpt: “After earnings, I spent several days meeting investors in New York and Boston,” Uber CEO Dara Khosrowshahi said in an email, which was obtained by CNBC. “It's clear that the market is experiencing a seismic shift and we need to react accordingly. The average employee at Uber is barely over 30, which means you've spent your career in a long and unprecedented bull run. This next period will be different, and it will require a different approach.”
The CEO of Uber changed his company's strategy according to the latest economic climate. So here is his new strategy:
“We have to make sure our unit economics work before we go big. The least efficient marketing and incentive spend will be pulled back. We will treat hiring as a privilege and be deliberate about when and where we add headcount. We will be even more hardcore about costs across the board. We have made a ton of progress in terms of profitability, setting a target for $5B in Adjusted EBITDA in 2024, but the goalposts have changed. Now it's about free cash flow. We can [and should] get there fast. We are serving multi-trillion dollar markets, but market size is irrelevant if it doesn't translate into profit.”
To everyone on this sub, please pay attention to the key phrases:
We will treat hiring as a privilege and be deliberate about when and where we add headcount.
We have made a ton of progress in terms of profitability.
Now it's about free cash flow. Market size is irrelevant if it doesn't translate into profit
By “We”, he means himself and his shareholders. So much for any progress being made by antiworkers and those who want fairer wages. He is trying to get people to go back to the norm, where you get to feel extremely lucky to even have a job otherwise you might be sleeping on the streets. They acknowledge they have made huge progress in profits (at the expense of the employees and cab drivers). And now they have to focus all the more into cash flow as opposed to partying it up with investor's money like they have been doing so far.
The reason people like them are completely oblivious to the common man's situation is because they are so well insulated from it EVEN if we have been shouting from the rooftops and protesting. They can still claim that “getting hired is a privilege” because they still view workers as dispensable. Their real overlords are the shareholders. Following their earnings, Uber shares fell 5% and Lyft fell 30%!!
So we need to prove to them that without us their company would just be an idea on paper. We control the shareholders and their salary by simply not working for them. OF course this idea sounds nuts, but can you really say that your mental and living standards are better working for uber making pittance while they make billions? Heck, if you don't work at least you get govt support vs the crap they give you which makes you ineligible for govt assistance.
Bite into their EBITDA I say!