Uber Technologies IncUber announced restructuring cutting 3,300 jobs to simplify structure and redirect savings to core operations and robotaxi, leading to share rise.
Uber Technologies shares rose about 2% Wednesday after the company announced a restructuring that will cut roughly 3,300 positions, about 10% of its global workforce, as part of an effort to simplify its corporate structure. The company also plans to reduce management positions by 20% and cut the number of very small teams by nearly half. Savings will be redirected toward its main transportation and delivery operations, as well as its robotaxi business. Several internal groups will be combined, and most fully remote positions will be eliminated, leaving such roles at about 1% of the workforce, with employees concentrated around hubs including New York and San Francisco. The move follows a weaker period for Uber shares, which have faced pressure from growing competition in autonomous transportation.
Uber Technologies IncUber announced restructuring cutting 3,300 jobs to simplify structure and redirect savings to core operations and robotaxi, leading to share rise.
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