Lyft is laying off 982 employees, furloughing a further 288 due to COVID-19 pandemic

Less than 24 hours after it was reported that Uber was considering layoffs of 20% of staff, its big rival Lyft is announcing its own cuts. Today the company said it would be reducing employee count by 17%, working out to 982 employees, and furloughing an additional 288, due to the effects of the COVID-19 pandemic…

Lyft is laying off 982 employees, furloughing a further 288 due to COVID-19 pandemic

Less than 24 hours after it was reported that Uber was considering layoffs of 20% of staff, its big rival Lyft is announcing its own cuts.
Today the company said it would be reducing employee count by 17%, working out to 982 employees, and furloughing an additional 288, due to the effects of the COVID-19 pandemic and its impact on Lyft’s business.
It also will put in place salary reductions of 30% for executive leadership, 20% for vice presidents and 10% for all other employees, while members of Lyft’s board of directors will forego 30% of their cash compensation for the second quarter of 2020.
Lyft said that it will take a restructuring charge of between $28 million and $36 million as a result, which will come through in its Q2 financials.
The news comes in the wake of technology sector layoffs now crossing 32,221 people since March 11. Transportation has been hit in a particularly tough way, in part because people are not moving around as much due to stay-at-home orders; and in part because of the worries of infecti
Read More From Publisher