Layoffs hit ride-sharing industry as Lyft and Uber struggle to survive pandemic

Lyft is cutting employees amid the coronavirus pandemic. Image: DON EMMERT / AFP via Getty Images By Sasha Lekach2020-04-29 21:34:32 UTC With most people sheltering at home during this pandemic, ride-hailing apps aren’t getting much use these days. This initially translated into quickly declining revenue for companies like Uber and Lyft, but now, more than…

Layoffs hit ride-sharing industry as Lyft and Uber struggle to survive pandemic

Lyft is cutting employees amid the coronavirus pandemic.

Image: DON EMMERT / AFP via Getty Images

By Sasha Lekach2020-04-29 21:34:32 UTC

With most people sheltering at home during this pandemic, ride-hailing apps aren’t getting much use these days. This initially translated into quickly declining revenue for companies like Uber and Lyft, but now, more than a month into the coronavirus pandemic, both are announcing layoffs. 
Uber and Lyft are very much feeling the effects of social distancing measures to combat the coronavirus outbreak. On Wednesday, San Francisco-based Lyft put out a filing through the U.S. Securities and Exchange Commission about a 17-percent workforce cut. That amounts to about 982 workers, a figure which doesn’t involve any independently contracted drivers. In another cost-savings effort, roughly 288 additional employees were furloughed and all remaining salaried employees
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