Lyft lays off almost 1,000 employees, furloughs hundreds more

Coronavirus

(CNN Newsource) – Ride-sharing service Lyft is shaking up its staff because of COVID-19.

The company says it plans to layoff nearly 1,000 staffers and furlough almost 300 more.

Lyft is also reducing salaries for employees, including a 30 percent cut for executive leadership and a 20 percent cut for vice presidents.

The company says people aren’t using its services as much during the pandemic, so it’s trying to curb operating expenses and adjust cash flow during this time.

Lyft’s rival, Uber is also considering layoffs.

The company says it is looking at every scenario to ensure it comes out of the crisis in a strong position.

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