Uber to lay off 3,700 workers and CEO to waive salary

Uber says it will lay off 3,700 full-time workers and its CEO will forgo pay as the ride-sharing company struggles with the coronavirus

NEW YORK -- Uber is cutting 3,700 full-time workers and its CEO will give up his base salary with the nation largely still in lockdown.

The San Francisco company said Wednesday that the layoffs and related costs like severance will reach about $20 million.

Uber Technologies Inc. had already imposed a hiring freeze and has offered up to 14 days of financial assistance to drivers and delivery workers who were diagnosed with COVID-19, or placed in quarantine.

Chief Executive Dara Khosrowshahi will waive his base salary through year-end.

The company, which is scheduled to report quarterly financial results after the bell Thursday, said it is evaluating other cost cuts.