Best wishes to those affected and here’s hoping that we reach the bottom soon. ", The news comes one day after tech news site The Information, Both companies have a history of steep losses and, Lyft has been attempting to shift toward delivery, an area it had not previously embraced -- unlike Uber, which has its Eats food delivery service.
“I had a rule that even in our darkest of hours I wouldn’t get too low because that’s just a moment in time,” Airbnb CEO Brian Chesky told Bloomberg.
Unfortunately, the number of employees laid off has not benefited from a similar trend.
As a recession looms, Lyft and Uber are looking at ways to stay afloat. But once the smoke clears from those layoffs, will we finally see some ecosystem renewal? They’ve now also had enough time to properly budget, plan, and execute their layoffs, something that takes longer at a 4,000-person company than a 40-person one.
Uber has also seen a huge drop in demand and sales. Disclaimer. See our live Layoffs Tracker for a real-time report of all startups that have done layoffs.
Lyft, the ridesharing startup, laid off 982 employees (17%) yesterday and furloughed 288 more.
Rival Uber is reportedly discussing a layoff as well (to the tune of 5,000 people), though those cuts have not been finalized. Lyft will announce its Q4 2019 results on February 11, in about two weeks. Uber is laying off 3,000 employees in the latest round of COVID-19-inspired cost-cutting, CEO Dara Khosrowshahi said in an email to staff.
Part of the reason is that even though fewer startups are laying off, the average layoff has gotten bigger. Our live Layoffs Tracker is tracking all startup layoffs, and has now tallied over 42,000 employees laid off across 374 companies. Although both the number of layoffs and the number of employees laid off have been falling, the average layoff has gotten bigger. Unfortunately, more big layoffs are still to come. It expects revenue to fall by more than half in 2020 as global travel stays frozen. See below link for an opt-in list of Lyft employees laid off, including 35 engineers. The CEO’s letter to staff strongly hints that more cuts are coming in the next two weeks. Later-stage startups and recently-public tech companies had more buffer to hold off on layoffs due to their larger cash reserves. The layoffs have hurt sales and customer success roles most.
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Lyft and Uber’s revenue have fallen by more than 50% as a result of the coronavirus pandemic. Last week, Stone laid off 1,300 employees and Deliv laid off 669 employees. In fact, 4 of the 10 biggest tech layoffs since COVID-19 have occurred in just the past two weeks. Yesterday, Airbnb laid off 1,900 employees (25%) across all teams. The company’s rides business has dropped by 75 percent, according to The Information. “And if I can’t get too low, then I can’t get too up.”.
"Our guiding principle for decision-making right now is to ensure we emerge from the crisis in the strongest possible position to achieve the company's mission. SF Bay Area ∙ 982 employees (17%) ∙ All departments. Though the cumulative damage has been severe, there are signs that the worst may be behind us.
Square has managed to avoid a layoff so far, but remains exposed to small business customers in food and retail that have been shutting down en masse.
As states ease months-long lockdown restrictions, the tech sectors hit hardest by layoffs (like transportation, travel, and retail) may finally be recovering.
Of course, Lyft’s ride-sharing business has plummeted as health officials instruct people to avoid unnecessary travel. Here’s hoping.
The ride-hailing company’s business has basically dried up due to the coronavirus pandemic. Lyft’s executive team will take a 20–30 percent pay cut, while all other non-furloughed employees will see their salaries reduced by 10 percent. Weeks ago, recognizing the decline in ride activity spurred by the public health crisis, Lyft. The layoffs, which the company announced in a filing with the Securities and Exchange Commission on Wednesday, come as the company’s larger rival, Uber, is reportedly also contemplating steep cuts of its own.
After a coronavirus record of 99 startups conducted layoffs in the first week of April, this past week saw only 22 startups cut jobs, a decline of 78%.
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