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Uber to cut 10% of roles, allow only 1% remote work
The layoffs will affect about 3,300 employees as Uber pursues a reorganization and reinvests expected savings into drivers, couriers, and merchants.
Tech stocks traded muted on Wednesday as elevated bond yields and higher oil prices weighed on sentiment, while investors also expressed concern about whether AI demand has peaked, according to Yahoo Finance.
Uber shares rose about 1% after Bloomberg reported the ridesharing company plans to cut 10% of its global positions, impacting roughly 3,300 employees, as part of a broader reorganization.
Uber also is tightening its remote work approach, allowing only about 1% of employees to work remotely, with additional job cuts reportedly aimed at managers, small teams, and roles operating more than seven layers from the CEO.
In a message to employees cited by Yahoo Finance, CEO Dara Khosrowshahi said Uber intends to invest restructuring savings into drivers, couriers, and merchants, as well as to innovate across its core businesses and accelerate autonomous development.