Uber spent $200K on balloons in its San Francisco office: Report
Uber has decided to stop using balloons to celebrate its employees’ anniversaries at the company, according to a report.
In an email earlier this month, Uber Chief Financial Officer Nelson Chai reportedly said the ride-hailing company will use stickers instead, according to Crunchbase News.
The switch is expected to save the company $200,000 in the San Francisco offices alone, the site reported.
"It's not only a great way to find dollars we can invest back into the business, it's also more environmentally friendly," Chai's email reportedly said.
Uber did not immediately return FOX Business’ request for comment.
The switch from balloons to stickers is just one of the company’s efforts to save money after it reported a $5.24 billion loss in its second-quarter earnings earlier this month.
Sales also fell short, coming in at $3.17 billion versus expectations of $3.36 billion.
The company also laid off 400 marketing employees in July, which was about a third of Uber’s global marketing department.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| UBER | UBER TECHNOLOGIES INC. | 68.93 | -2.37 | -3.32% |
After Uber posted its second-quarter earnings, Neuberger Berman, senior research analyst Daniel Flax, told FOX Business that Uber needs to balance its growth while improving its margins and cash flow.
“We see an opportunity here with Uber, but this remains a story where execution is critical,” he said on “The Claman Countdown."
Uber booked 1.68 billion rides and food deliveries for the quarter, beating analysts’ expectations.
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Flax said he expects Uber to remain aggressive with near-term investment, but the importance of constant innovation remains a challenge for the ride-sharing company.
“If the company is able to execute on the growth drivers and ultimately make an improvement in terms of how cash they burn over the next few years … I do think they can eventually make money,” he said.
FOX Business’ Henry Fernandez contributed to this report.