Ride-sharing service Lyft is reportedly set to cut at least 1,200 more jobs in an attempt to reduce costs. This move, which is the company’s second round of layoffs, could impact 30 percent or more of its 4,000+ employees.
This move, which is the company’s second round of layoffs, could impact 30 percent or more of its 4,000+ employees.that the company is trying to slash 50 percent of its costs and that the decision to cut jobs — which reportedly does not include its drivers — was supposed to be announced after a board meeting next week.
Lyft’s new CEO, David Risher, reportedly told staff, “We need to bring our costs down to deliver affordable rides, compelling earnings for drivers, and profitable growth,” adding that those things “require us to reduce our size and restructure how we’re organized.”Lyft’s stock has fallen close to 70 percent over the past 12 months, while shares for its competitor, Uber, declined 4 percent over the same period.
The move to cut back on jobs comes after the company shed about 700 people late last year, having considered cutting even more employees than that. In July, the ride-sharing service reportedly laid off another 60 employees — just under two percent of its workforce — and cut back on renting cars to customers.
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