Uber Technologies Inc will cut about 3,700 full-time jobs and Chief Executive Officer Dara Khosrowshahi will forgo his base salary for the remainder of the year, the company said on Wednesday, as the Covid-19 pandemic decimates its ride-hailing business.
The company said the layoffs included its customer support and recruiting teams, and expects to incur about $20 million in costs for severance and related charges.Uber and rival Lyft have already withdrawn their full-year financial outlooks as demand for app-based rides dropped sharply across the world after governments imposed stay-at-home orders to curb the transmission of the coronavirus.
On Monday, Uber's Middle East business Careem said it was cutting 536 jobs this week, representing 31% of the Dubai-headquartered company's workforce. Lyft will report its quarterly results on Wednesday after market hours and Uber is expected to report earnings on Thursday.
Uber shares opened 3% lower on Wednesday.
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