Ride-sharing titan Lyft recently announced its decision to cut 26% of its workforce, which is roughly 1,072 employees, in an effort to lower operating expenses. When the 13% reduction in its workforce from November is factored in, the company has cut 36% of its staff in roughly six months.
“The plan involves the termination of approximately 1,072 employees, representing 26% of the Company’s employees. The Company has also decided to scale back hiring and has eliminated over 250 open positions,” the company said during a regulatory filing on April 27, 2023.
The filing revealed that Lyft expects incurring roughly $41 million to $47 million in restructuring costs and other charges connected to employee severance and benefits. These costs are expected to be reported in the second quarter.
Altogether, the April and November layoff announcements point to a 36% workforce reduction for Lyft in the last six months. In the fall of 2022, […]
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