Uber could cut around 20% of the workforce; CTO resigns

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An earlier version distorted Uber’s stock market performance since the start of the year.

The Chief Technology Officer of Uber Technologies Inc.
UBER,
+ 0.13%

resigns in the middle of a report that the carpool company plans to cut about 20 percent of its workforce. The departure of CTO Thuan Pham was revealed Tuesday in a file with the Securities and Exchange Commission, which said that its last day would be May 16. Pham has been with Uber since 2013 and is its longest-serving executive, according to The Information, which also reported the potential layoffs. Reports indicate that Uber could cut more than 5,400 jobs due to a sharp drop in traffic during the coronavirus pandemic, including about 800 engineering jobs. Earlier this month, Uber withdrew its annual forecast and warned that its net losses would increase. Uber stocks have declined about 19% in the past three months, but are still up 1.2% from the start of the year compared to the S&P 500.
SPX,
-0.52%

11% decrease.

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