Uber lays off 3,700 as virus upends sharing economy

Uber said May 6 it was cutting 3,700 jobs amid a huge slump in its ride-hailing operations during the pandemic. — AFP

NEW YORK: In a world where the coronavirus pandemic has turned social distancing into a new way of life, companies whose business models bank on people's willingness to share their personal space are now struggling.

Uber said on May 6 that it's cutting 3,700 full-time workers, or about 14% of its workforce, as people fearful of infection either stay indoors or try to limit contact with others to minimise risk when they do venture out. Its main rival Lyft as well as home-sharing service Airbnb have likewise announced cuts because of falling usage.