Coronavirus forces Uber to cut 3,700 jobs
Popular ride-hailing taxi company Uber has announced it's sadly cutting 3,700 jobs, Uber is the next big business to become a casualty of the COVID-19 pandemic. Due to the pandemic and government-imposed lockdowns that have been put in place in many countries, consumer behaviour is changing and customers are using taxi services less frequently. This sharp fall in demand directly contributed to the job cuts and the immediate goal of the San Francisco based Uber, is to quickly reduce it's operating expenses.
Additionally, Uber CEO Dara Khosrowshahi has also decided to forfeit his salary for the rest of the year. This latest news comes just a year after Uber's IPO which valued Uber at over $82 BN, it is unknown how long the recovery from the COVID-19 pandemic will take.