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Uber shares opened 3% lower on Wednesday (representative)
Uber Technologies Inc will cut approximately 3,700 full-time jobs and CEO Dara Khosrowshahi will forego his base salary for the rest of the year, the company said on Wednesday as the COVID-19 pandemic decimated its hail business.
The company announced that the layoffs included its customer care and recruitment teams, and is anticipating a cost of approximately $ 20 million in severance and related costs.
Uber and rival Lyft have already pulled out their full-year financial outlook as demand for app-based cruises has declined globally after governments at home ordered to curb coronavirus transmission.
But Uber, which operates in more markets around the world than Lyft, could offset some lost revenue with its grocery delivery business.
Ubers Middle East company Careem announced on Monday that it had cut 536 jobs this week, equivalent to 31% of the company's head office in Dubai.
Lyft will publish its quarterly results on Wednesday after the market closes, and Uber is expected to report earnings on Thursday.
Uber shares opened 3% lower on Wednesday.
(Except for the headline, this story was not edited by NDTV staff and published from a syndicated feed.)
