Uber Technologies announced it is laying off 3,300 employees, or 10% of its workforce, marking the company's largest job cuts since the pandemic as CEO Dara Khosrowshahi aims to streamline management and simplify team structures.
Uber Technologies shares dropped sharply after the company issued third-quarter earnings guidance below analyst expectations while announcing plans to invest over $10 billion in robotaxi expansion. The weak outlook comes amid uncertainty over its partnership with Waymo, though Uber maintains the Alphabet unit remains an important partner.
Transport for London granted private hire vehicle licenses to Uber Technologies Inc. and UK startup Wayve Technologies Ltd., allowing them to offer self-driving taxi rides with a safety driver present. The approval makes them the first companies authorized for autonomous taxi services in London, ahead of competitors Waymo and Baidu.
Alphabet's autonomous driving unit Waymo is considering options to exit its robotaxi partnership with Uber Technologies as relations between the two companies deteriorate amid increasing competition in the self-driving vehicle market.
