KEY POINTS
  • Uber will slash spending on marketing and incentives and treat hiring as a "privilege," CEO Dara Khosrowshahi said in an email to staff on Sunday.
  • "It's clear that the market is experiencing a seismic shift and we need to react accordingly," Khosrowshahi said.
  • Uber will now focus on achieving profitability on a free cash flow basis rather than adjusted EBITDA, he added.

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Uber will cut back on spending and focus on becoming a leaner business to address a "seismic shift" in investor sentiment, CEO Dara Khosrowshahi told employees in an email obtained by CNBC.

"After earnings, I spent several days meeting investors in New York and Boston," Khosrowshahi said in the email, which was sent out late Sunday. "It's clear that the market is experiencing a seismic shift and we need to react accordingly."

In this article