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Trip sharing app Lyft will lay off 1,072 employees, about 26% of the company’s workforce, and will not hire an additional 250 positions, the company said in a statement. SEC filings Thursday.
This news comes a week after a memo from new Lyft CEO David Riser confirmed that the company will cut its number of employees.
Lyft stock was largely unchanged on the news. The company has about 4,000 employees and has perform 13% reduction in headcount by November 2022.
By Riser CEO tenure started earlier this month. He emphasized the need to streamline operations and return to “better meeting the needs of passengers and drivers” in communication with staff and public messaging.
Lyft co-founders Logan Green and John Zimmer remain on the company’s board, having led the company through its 2019 public offering and subsequent expansion.
The company’s stock has never been higher than its entry price and is still down about 8% year-to-date.
Focusing on efficiency is a familiar refrain among tech executives. According to data from Layoffs.fyi, more than 184,000 tech workers lost their jobs in 2023 alone.
Lyft did not immediately respond to a request for comment.
