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Uber Technologies To Layoff 3,700 Employees

Shares of Uber Technologies Inc. (UBER) jumped 8% on extended session Wednesday after the ride-hailing service disclosed plans to layoff 3,700 employees.

In an SEC filing, Uber announced plans to reduce its operating expenses in response to the economic challenges and uncertainty resulting from the COVID-19 pandemic.

The company estimates that it will incur about $20 million related to severance and other termination benefits. The company said it is evaluating other cost and will provide an update later.

Meanwhile, CEO Dara Khosrowshahi has agreed to waive his base salary for the remainder of the year ending December 31, 2020.

UBER closed Wednesday's trading at $27.82, down $0.25 or 0.89%, on the Nasdaq. The stock, however, gained $2.22 or 7.98% in the after-hours trade.

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