Layoffs

WeWork to lay off 2,400 employees

WeWork illustration
Illustration: Sarah Grillo/Axios

WeWork is laying off 2,400 employees as a cost-cutting measure, CNBC reports.

"The process began weeks ago in regions around the world and continued this week in the U.S. This workforce reduction affects approximately 2,400 employees globally, who will receive severance, continued benefits, and other forms of assistance to aid in their career transition. These are incredibly talented professionals and we are grateful for the important roles they have played in building WeWork over the last decade."
— A spokesperson told CNBC

Uber lays off more than 400 engineering, product employees

Photo: Alastair Pike/AFP/Getty Images

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