Connect with us

Hi, what are you looking for?


Lyft layoffs affect 26% of employees

Mandatory Credit: Photo by AP/REX(8326861b) In this image distributed, Lyft's new Amp glows on the dashboard of a car in San Francisco Lyft Photo Update, SAN FRANCISCO, USA - 09 Feb 2017

As part of a reorganization strategy geared at rebuilding its core ride-hailing product and increasing revenues, Lyft announced Thursday that it would lay off 26% of its workers, or around 1,072 individuals.

Additionally, the business disclosed in a regulatory filing on Thursday that it had decided to curtail hiring plans and remove 250 open positions.

In the second quarter of 2023, Lyft anticipates spending between $41 million and $47 million on employee perks and severance. In addition, the ride-hailing business added that it anticipates extra expenditures for stock-based compensation for affected employees and the associated payroll tax obligation.

David Risher, the recently appointed CEO of Lyft, emailed staff members last week that the firm will undergo a large employment reduction as part of a reorganization initiative. According to Risher, the change will let Lyft “better meet the needs of riders and drivers.”

Workers and industry observers have hypothesized that other divisions, like its bike-sharing business, may suffer the largest losses due to the focus on ride-hailing. However, Lyft did not specify if certain departments will be targeted for layoffs.

On May 4, Lyft will announce its first-quarter financial results.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

The future of technological innovation is here. Be the first to discover the latest advancements, insights, and reviews. Join us in shaping the future.

You May Also Like


Every year, new gadgets are brought to the market as technology advances. The debut of some of the most cutting-edge and intriguing gadgets ever...


Get ready to embrace the future with open arms - the top 10 tech trends of 2023 are about to revolutionize the world!"  ...


Are you ready to enter a world of limitless possibilities? Artificial Intelligence is here, and it's changing the game. From improved healthcare to increased...


What distinguishes open-source software from proprietary software? See the pros and cons of this tech favorite. Pros: Open-source software is usually free or low-cost...