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.

"On the other side of this dark valley, the Uber business model will likely look a lot different for the next few years (at least) and the company must rationalize costs and a smaller operation to focus on attaining profitability in this 'new normal' backdrop."

vog-rl/ft

Uber

Related Links
Car Technology at SpaceMart.com

Tweet

Thanks for being here; We need your help. The Space Media Network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceMediaNetwork Contributor $5 Billed Once credit card or paypal		SpaceMediaNetwork Monthly Supporter $5 Billed Monthly paypal only

Tesla's Musk calls confinement 'outrage,' urges reopening
San Francisco (AFP) April 30, 2020
Tesla chief Elon Musk on Wednesday called the coronavirus confinement a "fascist" action and "an outrage" that infringes on personal freedom and will damage the economy. The billionaire entrepreneur, speaking on an earnings update for the electric carmaker, lashed out at the orders which forced the shutdown of production in California and said he remained "a bit worried" about when production would resume. He condemned shelter in place orders, "or as we call it forcibly imprisoning people in the ... read more