Uber Stock Rises After CEO Announces 10% Global Workforce Cut
Dow Jones
Yesterday
Uber Technologies stock was climbing Wednesday after the ride hailing company said it was cutting roughly 10% of its global staff as part of a larger restructuring.
In an email to Uber employees, CEO Dara Khosrowshahi framed the decision to slash 3,300 positions as part of a broader effort to consolidate fragmented teams and concentrate its workers in a small number of "key hubs."
The move will "make Uber simpler and faster" and "create more capacity to invest in our future," Khosrowshahi wrote. Employees whose positions will be affected by the cuts have already been notified, he added.
Shares advanced 2.1% in premarket trading. Futures tracking the benchmark S&P 500 were flat.
At the request of the copyright holder, you need to log in to view this content
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.