'I am truly sorry': Read the full email Uber's CEO sent employees after laying off 25% of the company's staff in 2 weeks

• Uber on Monday announced it was cutting 3,000 more jobs, bringing the total layoffs this month to 6,700.
• In an email to staff, CEO Dara Khosrowshahi outlined other restructuring efforts, like closing offices and slowing investments.
• Investors cheered the layoffs, sending Uber's stock price up more than 6% in trading Monday.
• Visit Business Insider's homepage for more stories.

Uber on Monday confirmed Business Insider's reporting that it plans to lay off 3,000 more workers in addition to its previous round of 3,700 job cuts earlier in May.

Together, the layoffs represent about a quarter of the company's entire global workforce, which stood at 28,600 at the end of March.

In an email to staff obtained by Business Insider, Uber's chief executive, Dara Khosrowshahi, said he consulted with leaders at other companies to see if there was a better option.

Ultimately, however, he said the impact of the coronavirus pandemic — which has sent ride requests on Uber's app plunging as much as 80% across the board — required direct action to cut costs. He also outlined the severance packages the company will provide to affected employees, and detailed new restructuring efforts designed to further save money.

Investors cheered the announcement, which Uber said would save more than $1 billion in planned spending. Uber's stock price gained 6% in trading Monday compared to Friday's close.

Here's Khosrowshahi's full email to staff:

Subject: A very difficult day, and what's next

Read the original article on Business Insider