Uber Technologies Inc’s ride service bookings slowly recovered in recent weeks as the company expects a coronavirus-related slowdown will delay the goal of becoming profitable by a matter of quarters, not years, Chief Executive Dara Khosrowshahi said on Thursday.
He spoke after Uber reported it had seen encouraging signs in markets hit by the pandemic and posted a 14 per cent rise in revenue for the first quarter, supported by a jump in food-delivery orders at its Uber Eats business.
Khosrowshahi said stringent cost cutting, to the tune of more than US$1 billion in 2020, would ensure the company stayed on track.
Uber on Wednesday said it would lay off 3,700 full-time employees, or roughly 17 per cent of its head count. The company, which