Lyft lays off 17 percent of its workforce and furloughs hundreds more
Illustration by Alex Castro / The Verge
Lyft said it will lay off nearly 1,000 employees, or about 17 percent of its workforce, as the novel coronavirus pandemic continues to decimate the already cash-strapped ride-hailing industry. The layoffs, which the company announced in a filing with the Securities and Exchange Commission on Wednesday, come as the company’s larger rival, Uber, is reportedly also contemplating steep cuts of its own.
Lyft says it will terminate 982 employees, which it anticipates will cost between $28 million to $36 million in “restructuring and related charges primarily related to employee severance and benefits costs,” the filing states.
The company says it will also furlough 288 employees and reduce salaries for exempt employees for a three month...
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