Ride hailing and delivery company Uber Technologies (UBER) is cutting 10% of its global workforce, equal to about 3,300 positions.
In a memo to staff, management at the company said the job cuts will make Uber “simpler and faster” and “create more capacity to invest in our future.”
Employees whose positions are being eliminated have already been notified, said the company.
The job cuts come as Uber pushes further into autonomous areas such as self-driving taxis and drone deliveries.
At the same time, Uber is expanding into Europe and recently made a $14.8 billion U.S. takeover offer for Germany's Delivery Hero. The deal is Uber's largest acquisition to date.
Should the Delivery Hero takeover be approved by regulators and shareholders, it will make Uber Technologies the largest food delivery company worldwide outside of China.
Uber most recently reported mixed financial results. Earnings per share (EPS) of $1.17 U.S. beat Wall Street forecasts. But quarterly revenue of $14.19 billion U.S. fell short of expectations.
UBER stock has declined 19% over the past 12 months to trade at $75.24 U.S. per share.
Tech Insider
