Freight brokers have been in the hot seat recently for the “Just say no to cheap freight” protests conducted by some trucking groups.
In a story we covered a couple of days ago, we spoke of layoffs at TQL and Next Trucking along with several other top industry players. Now it seems the CEO of Uber is taking a hard look at Uber Freight.
In an email to employees, Uber’s CEO said that Uber was making really, really hard choices right now, including the re-evaluating of non-core cash burning businesses like Uber Freight.
Uber Freight’s parent company, Uber Technologies has recently laid off 3000 more employees and closed 45 more offices. Uber Freight hoped it would be EBITDA profitable by the end of 2020, but the coronavirus pandemic has pushed that back to 2021. Uber Freight lost 64 million in adjusted EBITDA in the first quarter of 2020, compared to its $81 million loss in the fourth quarter of 2019.