Why Uber Stock Popped Today

Shares of ridesharing giant Uber (NYSE: UBER) have popped today, up by 7% as of 1:50 p.m. EDT, after the company confirmed it was laying off thousands more workers. The layoffs are in addition to the previous job reductions announced earlier this month.

In a regulatory filing, Uber said it was reducing its head count by approximately 3,000, in addition to the 3,700 previously announced layoffs. That will bring total job cuts this month to 6,700, or about 25% of the 26,900 full-time employees (not including contract drivers) that the tech company had at the end of 2019. Uber is also closing 45 offices around the world.

Image source: Uber.