Uber stock rises 2.4% after company announces 3,300 layoffs in major restructuring
Uber shares rise after the company announces 3,300 job cuts. The restructuring will reduce management layers, cut costs and boost investments.
Uber's stock experienced a 2.4% increase on Wednesday as the company announced a significant restructuring that would result in the loss of approximately 3,300 jobs, or around 10% of its global workforce. The layoffs primarily targeted management positions, with the aim of streamlining the company's structure, reducing management layers, and cutting costs.
Uber's CEO, Dara Khosrowshahi, explained that the company's growth had led to the creation of more management layers and coordination, making some existing structures outdated. The restructuring will also see a reduction in the number of small teams, as well as fewer employees reporting seven or more layers below the CEO. This marks Uber's largest job cuts since the beginning of the pandemic, with the company having around 34,000 employees worldwide at the end of last year.
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