According to digital media company, The Information, Uber is expected to lay off over 5,000 of its employees due to the pandemic. Among those set to depart is reportedly Uber’s long time Chief Technology Officer, Thuan Pham.
According to anonymous sources cited within the report, Pham decided to quit upon learning that 800 team engineers would be dismissed from the company.
Due to the pandemic, which has left millions stuck inside on lockdown, Uber’s business is down 80%.
The unprecedented situation has made it “impossible to predict with precision the pandemic’s cumulative impact on our future financial results,” the company stated, resulting in it scrapping its 2020 financial guidance in April.
Despite this, Uber remains cash strong, with CEO Dara Khosrowshahi saying that even in a worst-case scenario whereby the company had an 80 percent decline in business for the rest of the year, it would still have $4 billion in cash.
“We are very fortunate to have a strong cash position with about $10 billion of unrestricted cash as of end of February,” adding, “In any crisis, liquidity is key.”