LYFT Inc (LYFT)

[tw0122]

April 29, 2020 at 12:31 PM EDT
Lyft is laying off 17 percent of its staff, the company announced Wednesday, after the coronavirus crisis wrought havoc on the ride-hailing business and cut substantially into its revenue.

The layoffs will amount to nearly 1,000 jobs. In an email to the company’s thousands of employees, CEO Logan Green announced the “difficult news,“ including furloughing five percent of staff and reducing salaries for three months.

“The COVID crisis has taken an enormous toll on the entire world,” he wrote. “Our guiding principle for decision-making is to ensure we emerge from the crisis in the strongest possible position to achieve the company’s mission.”