{"id":9890,"date":"2020-05-07T11:35:00","date_gmt":"2020-05-07T11:35:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/?p=2544518"},"modified":"2020-05-07T11:35:00","modified_gmt":"2020-05-07T11:35:00","slug":"uber-lays-off-3700-people-as-its-ride-business-craters","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2020\/05\/07\/uber-lays-off-3700-people-as-its-ride-business-craters\/","title":{"rendered":"Uber lays off 3,700 people as its ride business craters"},"content":{"rendered":"

Uber’s ride business has reportedly fallen by 80 percent from a year earlier.<\/h2>\n
\"An<\/section>\n
\n

Uber will lay off 3,700 people from its customer support and recruiting teams, the company announced<\/a> in a Wednesday regulatory filing. That figure represents 14 percent of Uber’s 26,900 employees, CNBC reports<\/a>.<\/p>\n

Uber has already frozen hiring, and CEO Dara Khosrowshahi will forego his salary for the remainder of the year, the company says.<\/p>\n

The Information reported last week<\/a> that Uber’s ride bookings have fallen 80 percent from the same period a year earlier. Uber has tried to compensate by expanding its delivery business, launching two new services<\/a> called Uber Connect and Uber Direct. But rides have historically been the largest part of Uber’s business, making an 80 percent drop difficult to stomach.<\/p>\n

Last week, Uber’s main US rival, Lyft, announced 1,000 layoffs<\/a>—a 17-percent reduction of the company’s workforce.<\/p>\n

Just three months ago. Uber was projecting<\/a> that it would reach profitability by the end of 2020. Now that’s probably out of the question. We’ll learn more when Uber announces its first-quarter financial results tomorrow.<\/p>\n

Uber is also facing a serious challenge to its business model in California, where the attorney general sued Uber and Lyft<\/a> on Tuesday for misclassifying its drivers as independent contractors. If Uber loses the lawsuit, the company will likely be forced to give its drivers in California a slate of new benefits, including minimum wage guarantees and reimbursement for operating costs. The costs of providing those benefits will make it even harder for Uber to reach profitability.<\/p>\n<\/section>\n

\n

See Campaign: <\/strong>https:\/\/arstechnica.com\/cars\/2020\/05\/california-sues-to-make-uber-and-lyft-drivers-employees\/<\/a>
Contact Information:<\/b>
TIMOTHY B. LEE<\/p>\n

Tags:<\/b>
<\/a>, Wire<\/a>, United States<\/a>, English<\/a><\/p>\n

\"image\"<\/div>\n

\n

Contact Information:<\/h3>\n

TIMOTHY B. LEE<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Uber’s ride business has reportedly fallen by 80 percent from a year earlier. Uber will lay off 3,700 people from its customer support and recruiting teams, the company announced in a Wednesday regulatory filing. That figure represents 14 percent of Uber’s 26,900 employees, CNBC reports. Uber has already frozen hiring, and CEO Dara Khosrowshahi will forego his salary for … Continue reading Uber lays off 3,700 people as its ride business craters<\/span><\/a> Continue Reading →<\/span><\/a><\/p>\n","protected":false},"author":47,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,22,54],"tags":[],"class_list":["post-9890","post","type-post","status-publish","format-standard","hentry","category-english","category-united-states","category-wire"],"yoast_head":"\nUber lays off 3,700 people as its ride business craters - Business<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/ipsnews.net\/business\/2020\/05\/07\/uber-lays-off-3700-people-as-its-ride-business-craters\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Uber lays off 3,700 people as its ride business craters - Business\" \/>\n<meta property=\"og:description\" content=\"Uber’s ride business has reportedly fallen by 80 percent from a year earlier. Uber will lay off 3,700 people from its customer support and recruiting teams, the company announced in a Wednesday regulatory filing. That figure represents 14 percent of Uber’s 26,900 employees, CNBC reports. 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