TOPLINEUber is the latest major company to announce sweeping job cuts amid the coronavirus crisis: 3,700 jobs eliminated, while CEO Dara Khosrowshahi is waiving his base salary for the rest of 2020. Dara Khosrowshahi, CEO, Uber. Key backgroundUber’s bookings have plummeted as lockdowns and travel restrictions around the world have dented demand for its ride-hailing service. Earlier this week, the company shed its Uber Eats business in seven markets including Saudi Arabia, Honduras and Romania, in a bid to cut costs. More widely, the coronavirus crisis has seen more than 30 million people in the U.S. registering for unemployment over the past six weeks.

Source: Forbes May 06, 2020 15:22 UTC