Lyft to chop 17% of workers and furlough a whole bunch extra attributable to pandemic

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The corporate, which went public a couple of 12 months in the past, mentioned in a submitting Wednesday that it plans to chop 17% of its workforce, or 982 workers. It has additionally furloughed about 288 workers on high of that.

Within the filing, Lyft (LYFT) cited the downsizing as a way of curbing working bills and adjusting its money circulation “in mild of the continued financial challenges ensuing from the COVID-19 pandemic and its influence on the corporate’s enterprise.”

Moreover, Lyft is implementing wage reductions for a lot of workers, together with a 30% lower for govt management and 20% for vice presidents.

The information comes someday after tech information web site The Info reported that rival Uber is weighing vital workers cuts as properly. In an announcement to CNN Enterprise in regards to the reported layoff discussions, an Uber spokesperson mentioned: “As you’ll count on, the corporate is each potential situation to make sure we get to the opposite facet of this disaster in a stronger place than ever.”
Each corporations have a historical past of steep losses and went through layoffs previous to the pandemic.
Lyft has been trying to shift towards supply, an space it had not beforehand embraced — not like Uber, which has its Eats meals supply service. Weeks in the past, recognizing the decline in trip exercise spurred by the general public well being disaster, Lyft advised drivers to think about pursuing driving work with Amazon (AMZN).

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