Uber Technologies stock was climbing Wednesday after the ride hailing company said it was cutting roughly 10% of its global staff as part of a larger restructuring.

In an email to Uber employees, CEO Dara Khosrowshahi framed the decision to slash 3,300 positions as part of a broader effort to consolidate fragmented teams and concentrate its workers in a small number of "key hubs."

The move will "make Uber simpler and faster" and "create more capacity to invest in our future," Khosrowshahi wrote. Employees whose positions will be affected by the cuts have already been notified, he added.

Shares advanced 2.1% in premarket trading. Futures tracking the benchmark S&P 500 were flat.