What to Know
Uber is laying off 435 people across engineering and product teams
This is in addition to the more than 400 layoffs the company previously announced
The company also said it lifted a hiring freeze
Uber has laid off 435 additional employees across its product and engineering teams, the company confirmed Tuesday.
The ride-hailing company cut 170 people from the product team and 265 people from the engineering team, TechCrunch first reported. The layoffs come after the struggling company already laid off 400 marketing employees in July.
"Our hope with these changes is to reset and improve how we work day to day—ruthlessly prioritizing, and always holding ourselves accountable to a high bar of performance and agility,” the company said in a statement to CNBC. “While certainly painful in the moment, especially for those directly affected, we believe that this will result in a much stronger technical organization, which going forward will continue to hire some of the very best talent around the world."
The company also said it lifted a hiring freeze it previously had.
Uber shares were up more than 3% for the day, but the stock has still lost more than 20% of its value since its debut in May.
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CNBC reporter Deirdre Bosa contributed to this report.