Uber to shed 10% of workers as it moves to cut costs and simplify its business

TL;DR

Uber is laying off 10% of its global workforce, amounting to about 3,400 jobs.
The layoffs are part of a strategy to streamline operations, simplify team structures, and boost efficiency.
The company will invest more in drivers, couriers, merchants, and innovation, including autonomous driving.
Uber is implementing a new location strategy that requires most employees to work in-office at major hubs.
Only about 1% of Uber's workforce will be permitted to work remotely in the future.
Wedbush Securities estimates the layoffs will save Uber roughly $1.7 billion.

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