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Uber to let go around 400 employees in major layoff.

Uber fired 435 employees from its product and engineering teams on Tuesday in its second major layoff.

According to TechCrunch, some 170 people have departed the company’s product team, with another 265 engineers leaving as well, an Uber representative confirmed to Business Insider.

In a statement, an Uber representative said the latest layoffs were another bid to find efficiencies in a now decade-old company and remain agile in a competitive field.

Most of the layoffs were in the United States, it was reported, with another 15% in Asia and Europe. The California employment development department told Business Insider there was no WARN notice, a form that large companies generally have to file for large layoff events, filed by Uber this week, potentially signaling that many layoffs occurred outside of the state in other offices.

Among the cost-cutting efforts, however, are new investments that will expand Uber’s presence well beyond its Silicon Valley roots. The company this week announced a $200 million investment, to house a growing freight team, as well as a new office in Dallas to house sales and human resources employees.

Shares of Uber increased 3.3 % but remain more than 20% below initial trading prices following the company’s massive IPO earlier this year.

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