Uber Stock: What the Latest Layoffs Mean for the Company

TLDR

• Uber is cutting 23% of roles in its People and Places division, affecting less than 1% of its 34,000 global workforce
• The cuts are led by newly promoted President Jill Hazelbaker, who took on the expanded role three weeks ago
• Affected remote workers must now comply with a three-day-a-week office mandate in effect since June 2025
• Uber stock fell 2.9% on Tuesday, trading as low as $71.33, before this restructuring news
• The company says the layoffs are unrelated to AI

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Uber is cutting jobs inside its People and Places division, eliminating 23% of positions in the unit, which covers HR, recruitment, workplace facilities, and culture functions. The cuts affect less than 1% of Uber’s total workforce of 34,000 employees, and the company was clear that AI is not the driver here.

Uber Technologies, Inc., UBER

The restructuring is being led by Jill Hazelbaker, who was promoted three weeks ago to president and chief corporate affairs officer. She now oversees safety operations and the People and Places org on top of her previous marketing, policy, and communications duties — a role expansion that came after prior leaders of those functions left earlier this year.

In a memo to affected teams, Hazelbaker didn’t sugarcoat it. “Parts of the organization have become too complex and fragmented, with overlapping responsibilities, unclear ownership, and teams operating too far from the businesses and partners they support,” she wrote.

The cuts largely target senior-level positions. HR employees previously approved for remote work are also being called back to the office under Uber’s three-day-a-week mandate, which kicked in June 2025.

Uber stock was already under pressure before this news. UBER dropped 2.9% on Tuesday, hitting a low of $71.33 and closing around $71.71. Volume came in at roughly 24 million, about 20% above the daily average.

Analysts Still Bullish Despite the Dip

Wall Street isn’t flinching. The stock carries a consensus “Moderate Buy” rating, with an average price target of $104.68. Goldman Sachs has a $115 target, Needham sits at $109, and Piper Sandler recently raised its target to $105 with an Overweight rating. Out of 40 analysts, 29 have a Buy rating.

Uber’s most recent earnings showed Q1 2026 EPS of $0.72, beating estimates by $0.03. Revenue came in at $13.20 billion, up 14.5% year over year. For Q2 2026, Uber guided EPS in the range of $0.78 to $0.82.

The stock’s 50-day moving average sits at $73.68, while the 200-day moving average is at $78.28 — both above current trading levels.

Europe Push Continues

Separately from the restructuring, Uber has been making moves in Europe. It announced robotaxi partnerships with WeRide and AVOMO in Madrid — its first joint entry into the European market — and launched a Munich program with Autobrains and Nvidia.

Uber also increased its ownership stake in Careem through a $100 million purchase, strengthening its regional footprint.

On the cost side, Uber capped employee spending on AI coding tools at $1,500 per month per tool after burning through its annual AI budget in just four months.

Citi maintained its Buy rating on UBER this week, keeping investor sentiment steady alongside the autonomous vehicle announcements.