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Uber Technologies To Cut 3,000 More Jobs

Uber Technologies Inc. (UBER) plans to lay off 3,000 more jobs, just less than two weeks after announcing an initial round of cuts.

In a statement, CEO Dara Khosrowshahi said, "Given the dramatic impact of the pandemic, and the unpredictable nature of any eventual recovery, we are concentrating our efforts on our core mobility and delivery platforms and resizing our company to match the realities of our business. That's led us to some painful decisions today: we are stopping some of our non-core investments and reducing the size of our workforce by around 3,000 people."

The company expects to incur around $175 million to $220 million of charges, including about $110 million to $140 million related to severance and other termination benefits, and up to approximately $65 million to $80 million related to site closures. These charges are primarily cash-based, and the majority are expected to be recognized in the second quarter of 2020.

In an email to employees, obtained by CNBC, Khosrowshahi said Uber would also be closing 45 offices around the world and will consider job cuts to other businesses, such as freight.

Earlier this month, the struggling ride-hailing service announced layoff of 3,700 employees.

The latest round of cuts would leave Uber with about 20,000 employees, based on its latest available head-count figures.

UBER is currently trading at $34.73, up $2.26 or 6.96%, on the Nasdaq.

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