Uber to cut 3,700 jobs, CEO Khosrowshahi to waive base salary – ETtech

Uber will cut about 3,700 full-time jobs and Chief Executive Officer Dara Khosrowshahi will forgo his base salary for the rest of the yr, the corporate mentioned on Wednesday, because the COVID-19 pandemic decimates its ride-hailing enterprise.The firm mentioned the layoffs included its buyer assist and recruiting groups, and expects to incur about $20 million in prices for severance and associated costs.

Uber and rival Lyft have already withdrawn their full-yr monetary outlooks as demand for app-primarily based rides dropped sharply the world over after governments imposed keep-at-dwelling orders to curb the transmission of the coronavirus.

But Uber, which operates in additional markets world wide than Lyft, may get better some misplaced income with its meals supply enterprise.

On Monday, Uber’s Middle East enterprise Careem mentioned it was slicing 536 jobs this week, representing 31% of the Dubai-headquartered firm’s workforce.Lyft will report its quarterly outcomes on Wednesday after market hours and Uber is predicted to report earnings on Thursday. Uber shares opened 3% decrease on Wednesday.

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