Lyft to Cut Nearly 20% of Workforce

Any industry remotely connected to travel has been utterly demolished by the COVID-19 pandemic, including the duopolistic ridesharing industry. No. 2 player Lyft (NASDAQ: LYFT) confirmed in a regulatory filing this week that it will lay off 982 employees, representing 17% of Lyft's total head count, in an effort to cut costs as it grapples with the novel coronavirus outbreak and the economic impacts.

Note that these cuts apply to full-time employees, not Lyft's army of drivers; the latter are classified as independent contractors.

Image source: Lyft.

Continue reading

Source Fool.com