Uber to lay off 3,700 employees, about 14% of workforce

Uber will lay off 3,700 employees, the company announced in a filing with the Securities and Exchange Commission Wednesday. The cuts to its customer support and recruiting teams represent about 14% of its 26,900 employees, based on Uber’s most recent headcount.

CEO Dara Khosrowshahi will also forgo his base salary for the rest of the year, according to the filing. In 2019, Khosrowshahi made $1 million in base salary but gained the vast majority of his compensation from bonuses and stock awards.

Uber’s stock was down about 2% during premarket trading.