Even more layoffs hit Uber as ride-hailing giant struggles to get out of first gear

Uber is back in the news today with its second round of layoffs in little more than a month. This time on the chopping block: 435 people who work in the company’s engineering and product departments, according to TechCrunch.

In a statement on the news, Uber described the layoffs as a “reset” to get the company “back on track.”

“Our hope with these changes is to reset and improve how we work day to day—ruthlessly prioritizing, and always holding ourselves accountable to a high bar of performance and agility,” the company told TechCrunch. “While certainly painful in the moment, especially for those directly affected, we believe that this will result in a much stronger technical organization, which going forward will continue to hire some of the very best talent around the world.”

Uber lost a staggering $5.2 billion in the second quarter of 2019 and recently laid off 400 people from its marketing team. The company added in its statement today that it has “over 27,000 full-time employees.”

Uber shares were up almost 4% in late-day trading, but still considerably below their debut price of $42.