UBER SLASHES 25% OF ITS STAFF DURING PANDEMIC

Uber has cut 25% of its staff during the COVIDS-19 pandemic, with 3,000 employees getting separated on top of the 3,700 staffers laid off two weeks, Sara Ashley O’Brien reported on CNN Business on May 18, 2020.

The 6,700 employees facing the ax represent roughly 25% reduction in the company's headcount since the start of the pandemic, O’Brien noted.

Uber CEO Dara Khosrowshahi said the company is also "closing or consolidating" around 45 office locations around the world. "We have to take these hard actions to stand strong on our own two feet, to secure our future, and to continue on our mission," wrote Khosrowshahi, adding that the cuts are aimed at helping the company "re-focus our efforts on our core."

Shares of Uber were up more than 6% in midday trading Monday following the layoff news. Lyft, Uber's chief rival in the US, also announced layoffs last month. Both companies have been losing money before the pandemic struck, O’Brien added. #coronavirusimpact #COVID19