Uber announced today that they laid off a third of their marketing team, which was approximately 400 people. This was an effort to cut costs and streamline operations after their IPO back in May.
The layoff is taking place in multiple Uber offices around the world. Prior to the job cuts Uber employed nearly 25,000 people.
Even though Uber went public in May, the company is not profitable, and many on Wall Street have wondered whether the company will achieve profitability at any point.
The Uber stock fell 7.6 percent on the first day of trading on the New York Stock Exchange.
The members of the marketing team were let go because it was determined that the team had grown bloated.