Uber CEO Tells Staff Company Will Cut Down on Costs, Treat Hiring as a 'Privilege'

Uber will cut back on spending and focus on becoming a leaner business to address a 'seismic shift' in investor sentiment, CEO Dara Khosrowshahi told employees in an email obtained by CNBC. From the report: 'After earnings, I spent several days meeting investors in New York and Boston,' Khosrowshahi said in the email, which was sent out late Sunday. 'It's clear that the market is experiencing a seismic shift and we need to react accordingly.' To address the shift in economic sentiment, the ride-hailing firm will slash spending on marketing and incentives and treat hiring as a 'privilege,' Khosrowshahi said. 'We have to make sure our unit economics work before we go big,' the Uber boss wrote. 'The least efficient marketing and incentive spend will be pulled back... We will treat hiring as a privilege and be deliberate about when and where we add headcount,' he added. 'We will be even more hardcore about costs across the board.'

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