Uber to cut 3,700 jobs as revenues decimated by Covid-19 crisis

The ride-hailing company said in a regulatory filing: "Due to lower trip volumes in its Rides segment and the Company's current hiring freeze, the Company is reducing its customer support and recruiting teams.”

CEO Dara Khosrowshahi warned employees at an all-hands meeting that plans for layoffs would be finalized within two weeks, reported Business Insider.

Khosrowshahi also agreed to forego his $1m base salary until the end of the year, Uber said in the filing.

Uber employed 26,900 global employees as of December 31 and said that the layoffs will cost the company "approximately $20m" in severance and other benefits payouts.

It had also previously withdrawn its full-year financial outlook as demand for its services dropped sharply across the world due to mobility restrictions that have kept people in their homes in an aim to prevent the transmission of the coronavirus.

Shares of Uber fell by as much as 2.5% in early trading Wednesday.