Uber CEO Dara Khosrowshahi stated in a memo on Wednesday that the layoffs are aimed at streamlining management layers and simplifying team structures, with the goal of "building the future of autonomous driving" and "increasing investment in drivers, couriers, and merchants." The company will also halve the number of "micro-teams" where managers have only one or two direct reports. Uber's stock has fallen 8% this year but rose over 1.6% during intraday trading on Wednesday.