Uber CEO Attempted To Rally Employees After Disappointing IPO
Uber Chief Executive Dara Khosrowshahi attempted to rally employee morale after the company's disappointing initial public offering in May, according to The New York Times.
“There is one simple way for us to succeed — focus on the work at hand and execute against our plans effectively,” Mr. Khosrowshahi, 50, wrote to staff in a May 13 email. “We simply would not be here without you.” After this message, Khosrowshahi has continued to push for a resurgence in the confidence of the business.
Uber has not been profitable and as a result, Khosrowshahihas laid off more than 1,000 workers in three rounds of job cuts. He has been aggressive in his attempt to restore the fire that one made Uber the most prominent tech company to go public in 2019.
Uber is scheduled to report its third-quarter results on Monday and will provide insight on whether Khosrowshahi's aggressive tactics have been working. The company reported a $5.2 billion quarterly loss and slowing growth in August.
FactSet is predicting that Uber will report a $1.5 billion loss this quarter and a 22 percent growth in revenue. “They need to show to the market that underneath this pile of massive losses, there’s actually a really attractive business model,” said Mark Mahaney, an analyst at RBC Capital. “First is, show us the profits. Second, it’s show us the growth.”
Since Uber's disappointing initial public offering in May, Chief Executive Dara Khosrowshahi, has been attempting to rally employees and encourage them to change Uber into a profitable company with significant growth.