Lyft, Uber and Airbnb depend on travel, vacations and gatherings – that’s a problem when much of the world is staying home.
Even when people return to the office and start travelling, the pandemic could change how they behave for years to come. Thirty percent of gig-economy revenue could disappear over the next one to two years, with a portion of it unlikely to return.
In late April, Lyft laid off 17 percent of its employees. Executives took a 30 per cent pay cut and employee pay was trimmed 10 percent. Use of Uber’s ride service was down 80 per cent in April. Uber laid off 14 per cent of employees. Airbnb laid off 1,900 employees, about 25 percent of its staff and reduced its revenue forecast for this year to half of what it brought in last year.
Read the article at Business Standard.
