Uber Technologies (UBER) announced plans to reduce its operating expenses in response to the "economic challenges and uncertainty" resulting from the COVID-19 pandemic.

Due to lower trip volumes in its Rides segment and the company's current hiring freeze, Uber is reducing its customer support and recruiting teams by approximately 3,700 full-time employee roles. In connection with these actions, the company estimates that it will incur approximately $20M related to severance and other termination benefits.

Uber is also evaluating other cost measures. In connection with the foregoing, Uber CEO Dara Khosrowshahi agreed to waive his base salary for the remainder of the year ending December 31, 2020.