(Reuters) – Lyft Inc 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.
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)