Singapore markets closed
  • Straits Times Index

    3,013.85
    -0.93 (-0.03%)
     
  • Nikkei

    28,864.32
    -65.79 (-0.23%)
     
  • Hang Seng

    29,098.29
    -138.50 (-0.47%)
     
  • FTSE 100

    6,630.52
    -20.36 (-0.31%)
     
  • BTC-USD

    48,133.64
    -1,711.20 (-3.43%)
     
  • CMC Crypto 200

    963.84
    +20.67 (+2.19%)
     
  • S&P 500

    3,794.36
    +25.89 (+0.69%)
     
  • Dow

    31,156.58
    +232.44 (+0.75%)
     
  • Nasdaq

    12,741.82
    +18.35 (+0.14%)
     
  • Gold

    1,697.90
    -2.80 (-0.16%)
     
  • Crude Oil

    66.05
    +2.22 (+3.48%)
     
  • 10-Yr Bond

    1.5640
    +0.0140 (+0.90%)
     
  • FTSE Bursa Malaysia

    1,600.12
    +18.86 (+1.19%)
     
  • Jakarta Composite Index

    6,258.75
    -32.05 (-0.51%)
     
  • PSE Index

    6,881.37
    -1.12 (-0.02%)
     

Lyft to lay off 982 workers, cut salaries due to virus outbreak

·1-min read
The Lyft logo is seen on a parked Lyft Scooter in Washington

(Reuters) - Lyft Inc said on Wednesday it plans to lay off 982 employees, or 17% of the company's workforce, and implement pay cuts due to economic challenges caused by the coronavirus pandemic.

The company's shares were up 5% in afternoon trading.

The ride-hailing business has suffered a near-total collapse as large parts of the United States remain shut to combat the spread of the virus.

Rival Uber Technologies Inc is also discussing plans to cut around 20% of its staff following the virus outbreak, The Information reported on Tuesday.

Lyft said it will cut base salaries by about 30% for top executives, 20% for vice presidents and 10% for the rest, for a twelve week period beginning in May, in addition to furloughing 288 employees. (https://bit.ly/2KG7iXs)

The company said it estimates to incur about $28 million to $36 million of restructuring charges, primarily related to the layoffs, according to a regulatory filing.

Lyft directors have voluntarily agreed to forego 30% of their cash compensation for the second quarter of 2020, the company said.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Shounak Dasgupta)