Lyft is laying of 982 people, the company said in a regulatory filing on Wednesday. That represents 17 percent of the company's official workforce (the company considers its thousands of drivers to be independent contractors).
An additional 288 employees will be furloughed, Lyft said. Most of the remaining salaried employees will take 10 percent pay cuts, while executives will face pay cuts of 20 to 30 percent.
The cuts reflect the dire state of Lyft's business during the coronavirus lockdown. Demand for on-demand passenger rides has plummeted. Lyft didn't disclose booking figures in its filing, but The Information's Amir Efrati reported last week that Uber's global bookings for ride hailing were down 80 percent. Lyft has presumably suffered similarly large losses.
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