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Ride-share companies hit again as Lyft lays off 900 employees, furloughs hundreds more


In an SEC filing made earlier this week, ride-sharing service Lyft said that it would be making 988 staff members redundant, and 288 would be furloughed. The move is an attempt to cut operating costs and overcome the economic downturn caused by the COVID-19 pandemic, CNBC reports. [Read: Uber’s longest-serving exec quits, while coronavirus threatens 5,000 jobs] According to the report, the staff reductions represent a 17% cut to the company‘s workforce. Those that have held on to their jobs will be subject to a 12-week salary cut starting in May. The company‘s executive leadership team will all take a…

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