Uber Technologies announced on Wednesday plans to cut about 3,300 jobs, or roughly 10% of its workforce, in a restructuring it says is aimed at removing management layers, consolidating teams and reducing costs.
The cuts follow a difficult year for Uber shares, which have fallen nearly 8% and underperformed the broader S&P 500 amid investor concerns that autonomous ride-hailing companies such as Waymo could threaten Uber's dominant North American market share.
The company had about 34,000 employees globally at the end of last year, according to its annual report.
The layoffs would be Uber's largest since May 2020, when the company cut about 6,700 jobs, or nearly a quarter of its workforce, as pandemic restrictions crushed demand for ride-hailing services.
Echoing a broader push across the tech industry to stay nimble, CEO Dara Khosrowshahi said the cuts would reduce organizational complexity that had slowed down Uber's decision-making and created roles focused on coordination.
