Uber CEO Dara Khosrowshahi told employees in an email obtained by CNBC this month that "the market is experiencing a seismic shift and we need to react accordingly."
Tech stocks in particular have nosedived from their pandemic peak, and Uber posted almost $6 billion in losses in its first quarter this year.
In response, Khosrowshahi said that Uber will begin to treat hiring as a "privilege," signaling that a hiring slowdown — or even a freeze — is on the horizon for the rideshare company.
And Uber is looking to scale down on marketing as well, according to Khosrowshahi's note.
"We have to make sure our unit economics work before we go big," he said. "The least efficient marketing and incentive spend will be pulled back."