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Lyft lays off almost 1,000 employees, furloughs hundreds more

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FILE – In this Jan. 31, 2018, file photo, a Lyft logo is installed on a Lyft driver’s car next to an Uber sticker in Pittsburgh. Officials in a southwestern Oregon city have cleared the way for Uber and Lyft to begin operation. The Ashland Daily Tidings reports the Ashland City Council on Tuesday, Feb. 19, 2019, overruled the mayor’s veto of an ordinance that allows for ride-hailing services. (AP Photo/Gene J. Puskar, File)

(CNN) – Ride-sharing service Lyft is shaking up its staff because of COVID-19.

The company says it plans to layoff nearly 1,000 staffers and furlough almost 300 more.

Lyft is also reducing salaries for employees, including a 30 percent cut for executive leadership and a 20 percent cut for vice presidents.

The company says people aren’t using its services as much during the pandemic, so it’s trying to curb operating expenses and adjust cash flow during this time.

Lyft’s rival, Uber is also considering layoffs.

The company says it is looking at every scenario to ensure it comes out of the crisis in a strong position.

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