Uber to Slash its Workforce by 3,700 Due to COVID-19 Slowdown

Uber (NYSE: UBER) is gearing up to layoff 3,700 full-time employees due to damage caused by the COVID-19 pandemic.

With millions of people working and sheltering at home, the ride-hailing company has seen its core business plummet. That has prompted Uber to withdraw its financial targets for 2020 and sparked rumors it would engage in massive layoffs. The Information added fuel to those rumors las week when it reported that Uber had experienced an 80% decline in business during the pandemic and warned of impending layoffs.

IMAGE SOURCE: GETTY IMAGES.

Source Fool.com