Lyft lays off 17% of workforce amid coronavirus pandemic

Lyft disclosed Wednesday that it is laying off 982 employees, about 17% of its workforce, and furloughing another 288 — as well as implementing salary cuts for many employees for 12 weeks.

Why it matters: Despite its attempt to roll out new services like delivery, Lyft has been hit hard by the coronavirus pandemic as people remain home and largely avoid interacting with others. Rival Uber is said to be in talks to cut 20% of its employees as well, as it faces the same market shifts.