Uber confirmed Monday that around 400 of the roughly 1,200 people in its marketing unit are being let go as part of a broader restructuring of the department. CNN reports: In an email sent by Uber CEO Dara Khosrowshahi to staff and seen by CNN Business, he says, “we are not making these changes because Marketing has become less important to Uber. The exact opposite is true: we are making these changes because presenting a powerful, unified, and dynamic vision to the world has never been more important.” The news, first reported by the New York Times, comes as the company faces pressure to clean up its finances following a lackluster Wall Street debut in May. Uber has a history of steep loses and its revenue growth is slowing.

Uber lost $1.01 billion in the first three months of this year, according to the company’s first earnings report as a public company. Revenue from its core ridesharing business grew just 9% from the year prior. The company is set to report its second quarter earnings results next week. The layoffs are just the latest turbulence inside Uber in the less than three months since it went public.

Read more of this story at Slashdot.

Source: Slashdot – Uber Lays Off 400 People On Its Marketing Team