Leaner

Ride-hailing giant Uber will be laying off around 10 percent of its staff as part of "significant organizational changes," CEO Dara Khosrowshahi said in a message to employees released on Wednesday. Uber has a total of roughly 34'000 employees with operations in more than 70 countries.

"A leaner organization will mean clearer ownership, faster decisions, and more time spent building rather than coordinating," the message said. The company said the layoffs were aimed at making the platform "simpler and faster" and at reducing coordination delays in what has become a sprawling operation.

Shutting down Nigeria and Uganda

Uber also said it was shutting down its business in Nigeria and Uganda, after leaving Tanzania earlier this year. The company will be concentrating jobs in key hubs, with global teams mainly in New York and San Francisco. Only around one percent of employees would be allowed to work remotely going forward.

Wedbush Securities said it expected Uber to save around $1.75 billion with the layoffs, which it would invest into growth areas. US-listed shares of Uber were up over 2.5 percent in midday trading.