Uber confirms it will lay off thousands more employees and close 45 offices in order to further cut costs (UBER)

Uber said Monday it would lay off 3,000 more employees following a prior round of job cuts in May.
The move, first reported by the Wall Street Journal, confirms Business Insider's reporting from the weekend that more cuts were on the way.
Investors cheered the move, and Uber's stock price gained more than 8% from Friday's close.
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Uber confirmed Monday that it will cut 3,000 more jobs, while closing dozens of offices and scaling back money-losing bets in order to slow steep revenue losses incurred due to the coronavirus pandemic.

Monday's announcement by CEO Dara Khosrowshahi follows a Business Insider report over the weekend that more layoffs were imminent . Coupled with earlier cuts in May, the total of laid off employees now stands at 6,700.

In an email to staff first reported by the Wall Street Journal, Khosrowshahi said the uptick in Uber Eats orders amid shelter-in-place rules throughout much of the world just isn't enough to make up for the heavy losses in the rides business.

"As a leadership team, we had to take the time to make the right decisions, to ensure that we are treating our people well, and to make certain that we could walk you through our decision making in the sort of detailed and transparent manner you deserve," the email read.

An Uber representative declined to share the email sent to staff.

"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," the company said in a statement.

"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, each of whom I want to personally thank for their contributions to Uber. As I said to our teams today, we are making these hard choices now so that we can move forward and begin to build again with confidence."

Uber's stock price was up more than 8% over Friday's close following the weekend report and subsequent confirmation as investors cheered the further cost reductions.

This story is developing. Check back for updates...

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