This archive report was first published on 7 May 2020.
As the world grapples with the COVID-19 pandemic, ride-hailing giant Uber has announced plans to lay off 3700 employees, approximately 14% of its workforce, in a bid to cut costs and adapt to the new reality.
The company's CEO has taken a significant step by forgoing their base salary for the rest of the year, a move that reflects the gravity of the situation.
Restrictions on movement have had a devastating impact on Uber's revenue, with global gross bookings plummeting by 80%.
According to reports, Egypt has been one of the hardest-hit countries, with around 40% of staff let go, while 46 other countries have also been affected by the job cuts.
Analysts point out that social distancing measures such as night curfews and mosque closures have significantly impacted Egypt's taxi revenues and traffic.
Additionally, Uber's food delivery platform, Uber Eats, has announced plans to exit seven markets, including Egypt, Saudi Arabia, Romania, Ukraine, Honduras, Uruguay, and the Czech Republic, effective June 4, 2020.
