Uber Technologies Inc. (UBER) is going through one of its biggest organizational shake-ups in years. The ride-hailing giant is cutting jobs, flattening its management structure, and shifting its spending toward its core businesses and autonomous vehicle ambitions.
Uber Axes 3,300 Jobs to Build Its Autonomous Future
MarketDash
Uber cuts 3,300 jobs (10% of staff) to slash management layers and simplify operations, bringing total workforce under 30,000.
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Uber Cuts About 3,300 Jobs
Uber is eliminating about 3,300 positions, or roughly 10% of its global workforce, as part of a restructuring designed to simplify decision-making and reduce organizational complexity. The cuts will leave the company with just under 30,000 employees.
CEO Dara Khosrowshahi said Uber's rapid growth created "more layers, more coordination, more fragmented ownership" and structures that no longer work efficiently at the company's current scale, Bloomberg reported on Wednesday, citing an email it obtained.
Uber will reduce its number of managers by 20%, while some managers will move into individual-contributor roles. The company is also cutting the number of small teams with only one or two members by nearly half and reducing the number of employees positioned more than seven layers below the CEO.
Khosrowshahi said the changes should make Uber "simpler and faster" while creating clearer ownership and faster decision-making.
Savings Will Support Autonomous Push
Khosrowshahi said Uber intends to reinvest savings from the restructuring into growth, innovation and capabilities that will matter over the coming years.
He specifically pointed to additional investment in drivers, couriers and merchants, upgrades to Uber's core businesses and efforts to build an "autonomous future."
Uber has already committed more than $10 billion to robotaxi partnerships over the coming years as it seeks to become a major platform for autonomous ride-hailing.
The company has also redirected capital through investments in privately held Avride Inc. and Nuro Inc., as well as Lucid Group Inc. (LCID) and Rivian Automotive Inc. (RIVN), while reducing stakes in other businesses.
Uber Tightens Office Policy
Uber is also concentrating workers in fewer major offices and sharply limiting remote work.
The company plans to allow only about 1% of employees to work remotely going forward while maintaining its requirement for three days per week in the office.
Uber shares reversed earlier losses and rose as much as 1.7% in premarket trading after the restructuring announcement.
Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price forecast of $103.77. Recent analyst moves include:
- Rosenblatt: Initiated with Buy (Forecast $100.00) (Sept. 1)
- Citizens: Market Outperform (Maintains Forecast to $100.00) (Aug. 25)
- Roth Capital: Buy (Lowers Forecast to $100.00) (Aug. 10)
Top ETF Exposure
- Pacer US Cash Cows Growth ETF (BUL): 4.96% Weight
- Pathfinder Focused Opportunities ETF (PFOE): 4.97% Weight
- Cambiar Aggressive Value ETF (CAMX): 4.72% Weight
Significance: Because UBER carries significant weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.
Price Action
UBER Stock Price Activity: Uber Technologies shares were trading up 0.89% at $75.91 at the time of publication on Wednesday, according to market data.
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