Ride-hailing company Swvl will lay off more than 50% of its staff and reduce some of its market operations.

CTOnews.com The Wall Street Journal reported on November 27 that online ride-hailing company Swvl will cut its workforce by more than 50% and reduce or close its business in some markets to cope with problems including global economic uncertainty.

Swvl shares were up 0.76 percent at $0.396 as of yesterday's close, CTOnews.com learned. The company's shares rose 3 percent to $0.408 in after-hours trading after the U.S. stock market closed early for Thanksgiving.

Dubai-based Swvl operates a bus ride app that the company describes as a "parallel public transit system" for people who "cannot access or afford private ride options."

On Friday, Swvl said it would focus on markets that contribute most of its revenue, primarily Egypt and Mexico. Elsewhere, the company will consider selling, scaling back or ceasing operations.