May 18, 2020
Coronavirus: Uber announces drastic cuts to secure its future
Uber has announced a drastic action plan to scale back its business as its losses balloon amid pandemic lockdowns. Even before the pandemic, Uber was grappling with huge losses. The number of Uber rides dropped 80% last month at the height of the lockdowns in the US and Canada. Although its Uber Eats food delivery business has surged, it remains loss-making. The workforce cuts do not include drivers, whom Uber considers independent contractors.
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