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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.

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