India, Sept. 2 -- Uber shares rose after the company announced major job cuts. Uber Technologies shares rose about 2.4% in Wednesday morning trading after reports that the company plans to cut around 3,300 jobs, or roughly 10% of its global workforce. The layoffs are part of a restructuring aimed at reducing management layers, cutting costs and making the company's structure simpler.

The layoffs will mainly target management roles. Uber said the restructuring will reduce the number of managers at the company by about 20%. Some managers will be moved into individual contributor roles instead of being removed from the company, according to a company spokesperson cited by Bloomberg News.

Uber wants to remove layers that have built up as th...