Hi and welcome back to our regular morning take a look at private business, public markets and the gray space in between.
Yesterday news broke that Uber’s CTO Thuan Pham would leave the company ( validated), which the American innovation giant is contemplating a huge staffing cut to lower its cost structure. COVID-19 has changed just how much individuals walk around, hampering the ride-hailing company’s service.
If the cuts occur at the scale The Info reports is possible, they would be the steepest layoffs that we’ve become aware of at Uber. And they would cap a reversal in fortune the business, which after a rather rocky IPO was enjoying fresh momentum in the later parts of 2019 and the start of 2020.
This morning we’re going back in time to rewind through Uber’s post-IPO monetary timeline. The business reports revenues on May 7, 2020, a little over a week from today.
Uber’s last year
It’s hard to select where to begin today. We could go all the way back to Uber’s May 2019 IPO. Let’s go:
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