Uber Technologies Inc. chief Dara Khosrowshahi mapped a revised path to profitability after the coronavirus pandemic undermined ridership for the company resulting in a larger first-quarter loss. Mr. Khosrowshahi said Thursday that Uber plans $1 billion in fixed-cost cuts, including lowering marketing expenses, deferring capital expenditures and a recently announced 14% reduction of staff. “Reaching profitability as soon as possible remains a strategic priority for us. We believe the disruption caused by Covid-19 will impact...

Source: Wall Street Journal May 07, 2020 20:14 UTC