By
Uber said Wednesday it was cutting 3,700 jobs amid a huge slump in its ride-hailing operations during the pandemic.
The cuts amount to around 14 percent of Uber's global workforce, which does not include its contract drivers.
The company made the announcement in a regulatory filing, which also said chief executive Dara Khosrowshahi would waive his base salary for the remainder of the year.
The move comes a day ahead of Uber's earnings report, and follows a 17 percent staff cut by its US rival Lyft.
"Today's cost cutting move ahead of tomorrow's earnings is a painful, but unfortunately a necessary, move for Dara & co. to make in this unprecedented COVID-19 environment," said Daniel Ives at Wedbush Securities.
More Stories
Comments
Comments are closed for this article.