What's Going On With Uber Shares Today?

Uber Technologies Inc UBER shares are trading lower Monday following a report that CEO Dara Khosrowshahi is calling for cost cutting at the company.

According to a CNBC report, Khosrowshahi told employees in an email that Uber will cut back on spending to address a “seismic shift” in investor sentiment.

"After earnings, I spent several days meeting investors in New York and Boston," Khosrowshahi wrote in the email. "It’s clear that the market is experiencing a seismic shift and we need to react accordingly."

Related Link: Uber CEO Calls For Cost Cutting, Treating Hiring As Privilege Amid Seismic Market Shift: Report

Uber reportedly plans to cut spending on marketing and treat hiring as a "privilege" in order to address the sentiment shift.

"We will be even more hardcore about costs across the board," he added. 

See Also: Why Ford Is Driving Rivian Shares Lower Today

UBER 52-Week Range: $24.75 - $52.36

The stock was down 2.49% at $25.42 at press time.

Photo: courtesy of Uber.