It looks like another round of deep layoffs can come ride-hailing company Lyft. According to a report from The Wall Street Journal, The company’s newly appointed chief executive said jobs would be cut “significantly” to reduce costs. The total number of jobs lost is not known right now, but the store says it is possible at least 1,200, or about 30 percent of The entire Lyft . workforce.
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These cuts could result in costs at Lyft being cut by almost half, according to WSJ. The news comes just weeks after CEO David Riser said the ride-hailing company is not for sale – much to investor dismay.
Back in November 2022, we reported that Lyft cut 683 to save a little cost. Before that, that was about 13% of the company’s corporate-level workforce.
“We need to reduce costs to deliver affordable rides, compelling driver income and profitable growth,” Riser said to magazine. Those factors, he added, “required us to downsize and restructure the way we organize.”
As mentioned earlier, we still don’t know exactly how many jobs will be cut, and Risher, who took charge on April 17, didn’t add any clarity to that question in a statement. its statement to the store. However, he did say that Lyft Will share more with staff next week.
He told the newspaper: “I own this decision and understand that it comes at a huge price.
the company’s shares fell nearly 70 percent in the past year alone — outstripping the tech-heavy Nasdaq composite index, which fell 9%. Plus, Uber’s stock is down just 4% over the same time period.
