Uber to lay off 3,700 employees, 17% of workforce; CEO to forgo base salary

Uber Technologies Inc will cut about 3,700 full-time jobs and Chief Executive Officer Dara Khosrowshahi will forgo his base salary for the remainder of the year, the company said on Wednesday, as the COVID-19 pandemic decimates ride-hailing businesses.

Uber and rival Lyft Inc have been under investor pressure to show profits but the coronavirus-led lockdowns have forced them to cut costs and withdraw their full-year financial outlooks as demand for app-based rides have dropped sharply across the world.

Uber said the layoffs, affecting 17% of its employee count, included its customer support and recruiting teams, and expects to incur about $20 million