Connect with us

Hi, what are you looking for?

BUSINESS

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Your email address will not be published.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 *

Trending

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

You May Also Like

News

Automattic, the parent company of WordPress.com, is cutting approximately 16% of its workforce in an effort to secure its long-term future, CEO Matt Mullenweg...

COMPUTING

It’s 2025, and somehow, I still had to buy a Micro USB to USB-C cable. For years, we’ve been promised a universal standard—USB-C, the...

GAMING

Nintendo has officially revealed key details about the highly anticipated Switch 2, set to launch on June 5, 2025. With a higher price, upgraded...

BUSINESS

President Donald Trump’s return to the White House has already sent shockwaves through Washington — and the tech industry is feeling the tremors. From...

SUBSCRIBE

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