Uber has fired 600 people in India across levels and teams on Tuesday, a week after homegrown rival Ola slashed its workforce by a third. It secured a $1 billion loan from investors last month. Uber has been hit hard by the coronavirus pandemic, which has crushed the travel industry because of lockdowns to stop the spread of the virus. Lyft reported a $398 million loss during its quarterly earnings Wednesday, narrowed from a $1.1 billion loss a year ago during a quarter that included IPO costs. We have worked hard to put together generous severance packages with a longer period of healthcare coverage to help provide a bridge, and we are also supporting EXTs whose roles are affected by today's decision. The Information had reported a week ago that Uber is in discussions to lay off 20% of its employees. (Amazon founder Jeff Bezos owns The Washington Post. That proximity has become a liability at a time where people are cautioned or ordered to keep their distance from others. Ahead of the layoffs, Uber … Uber said Monday it will lay off about 350 employees across multiple divisions, including Uber Eats and its self-driving group. Uber confirmed the development. Lyft said last week it would lay off nearly 1,000 people, or 17 percent of its staff, as the pandemic cuts into its revenue. The U.K. newspaper the Daily Mail first reported the news … CEO Dara Khosrowshahi will also forgo his base salary for the rest of the year, which was $1 million in 2019. California sued Uber and Lyft on Tuesday, alleging the drivers are misclassified as independent contractors under a new state law. Ride-hailing company Uber, among the city’s largest employers, was the latest to do so, laying off 14% of its workforce, or 3,700 recruiting and customer support employees worldwide, on … Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Data is a real-time snapshot *Data is delayed at least 15 minutes. Uber and Lyft both went public last year in disappointing debuts that revealed the darlings of the private markets, who had each raised billions in private-market funding before their IPOs, faced tougher-than-expected scrutiny once public. But, as I said at yesterday's All Hands, this is one part of a broader exercise to make the difficult adjustments to our cost structure (team size and office footprint) so that it matches the reality of our business (our bookings, revenue and margins). Uber had been in talks to lead a $170 million investment in the electric scooter company Lime, according to The Information, valuing it at $510 million, a 79% drop from its previous valuation. (CNN Business) Uber informed staff on Monday that it is cutting another 3,000 employees as it continues to grapple with the pressure from the global pandemic on its core business. In an SEC filing dating back to last week, Uber disclosed plans to layoff 3,700 employees. Keep an eye out for an invite soon. Meanwhile, more than 42,000 people have been laid off from small tech companies since March 11, according to Silicon Valley layoff tracker Layoffs.fyi. Uber to cut 3,700 jobs, adding to a growing number of tech layoffs The company also said CEO Dara Khosrowshahi would not take a salary for the rest of the year Uber … In a sign of the times, with employees working from home, Uber informed the … Uber said Wednesday it will lay off 3,700 employees and that CEO Dara Khosrowshahi will forgo his base salary for the rest of the year. #layoff #uber Update: it is not happening by May 1. You can read the emails that were sent to those teams here. Khosrowshahi said Uber would give employees "a further, final update" within two weeks. Uber is laying off 600 employees in India as a part of the company’s recent announced global job cuts. But the designation has been controversial, as critics say it means less protection when work dwindles. Uber is also closing 180 locations, or 40 percent, of its Greenlight Hubs, the physical locations where drivers can go for help on things such as onboarding or using the app. WATCH: Delivery workers are risking their lives to bring people groceries during coronavirus — here's what it's like for them. Uber's Rides business made up the bulk of its adjusted net revenue in the fourth quarter of 2019, or 81%; its food delivery service, Eats, made up … Uber’s announcement follows similar cuts by tech companies Lyft and Airbnb, fellows in the on-demand economy that has taken a plunge as people stay at home and try to avoid contact with others. As part of the layoffs, Uber said, it's making some of those Greenlight Hub closures permanent, shutting down 40% of them around the world. 20 million on severance and other benefits for the foreseeable future called Jump layoff employees... Employees `` a further, final update '' within two weeks layoffs were announced in a to! 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