Uber Technologies shares rose 2.4% on Wednesday following a Bloomberg report that the company plans to cut approximately 3,300 jobs, representing 10% of its global workforce. ^[1] Uber announced on an unspecified date that it is cutting approximately 3,300 jobs globally. ^[2] Uber Technologies announced plans to cut 3,300 jobs as part of a broader organizational overhaul. ^[3] Investing.com reports that Uber Technologies trades at a 16.2x P/E ratio with a 24% fair-value upside and a 6.5% free cash flow yield. ^[4] Investing.com states that DoorDash sits at a 119.8x P/E ratio, is 7.7% overvalued, and has an RSI of 71.6 in overbought territory. ^[5] The job cuts are part of a restructuring effort to reduce management layers, with the number of managers at Uber expected to decrease by 20%. ^[6] The company stated that the layoffs are designed to reduce management layers. ^[7] The job cuts represent 10% of Uber's total global staff. ^[8] Uber plans to reallocate spending from the cost-cutting measures into ride-sharing, delivery, and robotaxi initiatives. ^[9] The company specifically aims to reduce the number of managers within the organization. ^[10] Bloomberg News reported the details of the job cuts on Wednesday. ^[11]