Lyft said on Wednesday it plans to lay off 982 employees, or 17 percent, of the ride-hailing firm’s workforce, due to the economic challenges caused by the coronavirus pandemic.

Wall Street reacted by sending the shares up almost 5 percent, or $1.62, to $34.36.

Earlier this month, the Uber rival announced that some drivers sidelined by the COVID-19 outbreak would be offered work in the company’s new delivery service, established to transport groceries, meals and medical supplies to individuals and groups in need because of the public health emergency.