Uber’s (NYSE: UBER) CEO Dara Khosrowshahi while speaking on the sidelines of the World Economic Forum’s annual meeting in Davos, Switzerland on Thursday, stated that while the ride-sharing company has been working on slashing its costs for months, it was not considering any company-wide layoffs.
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Uber posted robust revenues in the third quarter. In contrast, its peer Lyft (LYFT) is struggling. The company reported dismal Q3 results and has talked about laying off 13% of its employees in a bid to cut down on its operating expenses.
Wall Street analysts are also bullish about UBER stock with a Strong Buy consensus rating based on 14 unanimous Buys.