Lyft Cuts Over 1,000 Jobs to Cut Costs Amid COVID-19 Pandemic

Ride-hailing company Lyft Inc. has announced that it will be laying off approximately 1,072 employees, or 26% of its workforce, as part of a cost-cutting measure amid the ongoing COVID-19 pandemic. The layoffs are one of the first moves under the leadership of new CEO David Risher.

According to a statement by the company, the layoffs are primarily focused on the company's operations and support teams. The company's executives will also be taking a pay cut to help reduce costs. Lyft's co-founders Logan Green and John Zimmer will be taking a salary reduction of 30%.

The move comes as the ride-hailing industry has been hit hard by the pandemic, with ridership plummeting and many people working from home. The company's revenue was down by 44% in the first quarter of 2020, and its stock price has dropped by over 40% since the beginning of the year.

While the layoffs are certainly a difficult decision for the company and the employees affected, it's a necessary step to ensure the company's long-term viability. By reducing its workforce and cutting costs, Lyft hopes to weather the storm and come out stronger on the other side.

For the employees affected by the layoffs, the company is offering severance packages and outplacement services to help them find new employment opportunities. This is a difficult time for many workers, and it's important for companies to take care of their employees as much as possible during these uncertain times.  





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