NEW YORK (AP) — Uber is cutting 3,700 full-time workers, about 14% of its workforce, and its CEO will give up his base salary with the nation largely still in lockdown.
The San Francisco company said Wednesday that the layoffs and related costs like severance will reach about $20 million.
Uber Technologies Inc. had already imposed a hiring freeze and has offered up to 14 days of financial assistance to drivers and delivery workers who were diagnosed with COVID-19, or placed in quarantine.
Chief Executive Dara Khosrowshahi will waive his base salary through year-end.
The company, which is scheduled to report quarterly financial results after the bell Thursday, said it is evaluating other cost cuts.
Before you consider Uber Technologies, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Uber Technologies wasn't on the list.
While Uber Technologies currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering what the next stocks will be that hit it big, with solid fundamentals? Enter your email address to see which stocks MarketBeat analysts could become the next blockbuster growth stocks.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
