Lyft is reportedly slashing 1,200 jobs — at least 30% of its staff. It's struggling to keep up with Uber.
to employees sent Friday morning that has since been posted on Lyft's site, Risher noted that the company intends to use the savings to"invest in competitive pricing, faster pick-up times, and better driver earnings."
In the memo, Risher said employees would receive an email with details of their employment status on April 27 at 8:30 am Pacific time. A spokesperson for Lyft told Insider that the company would not be able to confirm the number of affected employees until next week. However, in an emailed statement, the spokesperson said that"David has made clear to the company that his focus is on creating a great and affordable experience for riders and improving drivers' earnings."
The spokesperson added,"to do so requires that we reduce our costs and structure our company so that our leaders are closer to riders and drivers. This is a hard decision and one we're not making lightly. But the result will be a far stronger, more competitive Lyft.
. The company's stock is down more than 70% in the past year. Uber, meanwhile, is down only around 2% over the past year.or on encrypted messaging app Signal at 262-408-1907.Subscribe to push notifications
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