Kathmandu— Uber Technologies has laid off 3,300 employees, representing about 10 percent of its workforce, marking the largest cuts since the onset of the COVID-19 pandemic. In a memo to employees on Wednesday, CEO Dara Khosrowshahi stated that these layoffs are part of efforts to streamline management layers and simplify team structures as the company focuses on autonomous technology and investing in drivers, couriers, and merchants.

Streamlining Management

Uber aims to cut in half the number of 'micro-teams' where managers have only one or two direct employees. CEO Dara Khosrowshahi explained that a leaner organization will lead to clearer ownership, faster decisions, and more time spent on building rather than coordinating.

Return to Office

Khosrowshahi also announced plans for most workers to return to the office, with only about 1% of employees working remotely. This move underscores Uber's shift towards a more centralized work environment despite recent trends favoring remote work.

Financial Performance and Market Reaction

Despite strong revenue growth in recent years, Uber’s stock has struggled this year, down 8 percent for the year as of Wednesday. However, on that day, Uber's stock was up more than 1.6 percent in midday trading.

(With inputs from Al Jazeera)

Originally published on abcnews.com.np.