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The ride-sharing giant Uber has announced that it will cut its full-time workforce by 3,700 due the economic challenges resulting from the Covid-19 pandemic and its impact on the company’s business.

Uber says, due to lower trip volumes in its Rides segment and the company’s current hiring freeze, it’s reducing its customer support and recruiting teams. Uber estimates that it will incur approximately $20 million related to severance and other termination costs.

Dara Khosrowshahi, Uber’s Chief Executive Officer, has also agreed to waive his base salary for the remainder of the year ending December 31, 2020. 

The announcement was made in a statement to the Securities and Exchange Commission in the U.S.

Late last month, Uber rival Lyft announced that it was laying off 17% of its workforce.

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