April 29, 2020 / 4:11 PM / a month ago

Lyft to cut 982 jobs due to coronavirus outbreak

FILE PHOTO: The Lyft logo is seen on a parked Lyft Scooter in Washington, U.S., March 29, 2019. REUTERS/Brendan McDermid

(Reuters) - Lyft Inc (LYFT.O) plans to lay off 982 employees, or 17% of the ride-hailing firm’s workforce, due to economic challenges caused by the coronavirus pandemic, the company said in a regulatory filing on Wednesday.

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

Lyft said it estimates to incur about $28 million to $36 million of restructuring charges, primarily related to the layoffs. (bit.ly/2KG7iXs)

Directors of the company’s board 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

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