(Reuters) – Uber Technologies NYSE: Inc will reduce hiring and spend on its marketing activities and incentive activities. CNBC reported this Monday citing Dara Khosrowshahi’s letter.

After Meta Platforms Inc, Facebook’s owner, said last week that it will slow down its growth in workforce growth, the ride-hailing business is the latest to reduce costs.

According to CNBC, Khosrowshahi stated that Uber’s strategy change was necessary to address the “seismic shift in investor sentiment.”

The report stated that the most inefficient marketing and incentive spending will be cut. Khosrowshahi, quoted in the report as saying that we will view hiring as a privilege. We’ll also be careful about where and when we increase headcount.”

Uber stated last week that its driver base was at an unprecedented post-pandemic peak and it expects the trend to continue. This is a stark contrast to other companies. Lyft Inc (NASDAQ:), which stated it needed to invest more in labor.

CNBC reports that the company is now focused on reaching profitability on free cash flow rather than adjusted earnings prior to interest, taxes and depreciation.

According to the company’s latest earnings report, ride-hailing giant RideHail expects to produce “meaningful positive cash flow” over the entire year.

Khosrowshahi also wrote that Uber needs to expand its food delivery and freight business faster.

Uber didn’t immediately reply to Reuters’s request for comment.