Uber is cutting 3\,700 jobs\, 14% of its total workforce\, as the coronavirus ravages ride-hailing revenues

• Uber is cutting thousands of jobs to save money amid the coronavirus.
• The company announced 3,700 layoffs, roughly 14% of its total workforce, on Wednesday.
• Uber is set to report first-quarter financials on Thursday.

Uber said Wednesday that it would cut 3,700 jobs, representing 14% of its global workforce, as the coronavirus ravages ride-hailing revenues.

"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," the company said in a regulatory filing.Advertisement

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News of the layoffs comes a day after CEO Dara Khosrowshahi warned employees at an all-hands meeting that plans for layoffs would be finalized within two weeks, according to a source familiar with the meeting. Khosrowshahi has agreed to forego his $1 million base salary until the end of the year, Uber said.

Uber employed 26,900 global employees as of December 31, with 10,700 in the US and 16,200 in other countries, according to recent filings.

The layoffs will cost Uber "approximately $20 million" in severance and other benefits payouts, it said.

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Shares of Uber were down about 1.5% in early trading Wednesday, and remain down about 32% from February highs.

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