Uber lays off more than 400 engineering, product employees

Following cuts of 300 employees from its marketing team, Uber said on Tuesday it cut 435 employees (about 8%) from its engineering and product units, as TechCrunch first reported and Uber confirmed to Axios.

Why it matters: The company's stock has been on the decline since it went public in May, and it has struggled to show a clear path to profitability. So it comes as no surprise that Uber is working to slim down some of its costs.

Go deeper: Uber stock price drops after missed Q2 expectations