Uber to lay off 3,700 employees – More cost-cutting measures coming soon

Uber to lay off 3,700 employees - More cost-cutting measures coming soon
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Global ride-hailing giant, Uber in a filing with the Securities and Exchange Commission on Saturday, May 2 disclosed that it will lay off 3,700 employees and that CEO Dara Khosrowshahi will forgo his base salary for the rest of the year.

The jobs will be cut from Uber’s customer support executives and recruiting teams, which represent Uber’s 14 percent of its total headcount i.e. 26,900.

Uber’s stock was down more than 1 percent on today Wednesday morning. COVID-19 situation is undeniably the cause behind Uber’s move to cut costs and the steep downward slope of the stock value, but the investors will be able to assimilate better sense tomorrow, Thursday when Uber will unveil details about the earnings.

Khosrowshahi in a letter to the employees signaled that more cost-cutting measures will be implemented soon.

“We are looking at many scenarios and at each and every cost, both variable and fixed, across the company. We want to be smart, to move fast, to retain as many of our great people as we can, and treat everyone with dignity, support and respect.”

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