Post by acnedriver on Apr 24, 2023 13:30:30 GMT
Lyft will cut 1,200 jobs in order to reduce its costs, its new CEO confirmed on Friday.
The ride-sharing app has struggled in recent years to capture Uber's market
In November it conducted another round of layoffs which affected 700 jobs
Lyft will cut around 1,200 jobs - around 30 percent of its entire workforce - in order to reduce its costs by around 50 percent.
It comes just three weeks after the company announced it would hire a new CEO, David Risher, and that its two co-founders, Logan Green and John Zimmer, would resign.
The ride-sharing apps stock price tanked by around 70 percent in the last year as its struggled to capture the market from Uber.
Uber's stock price declined by just four per cent over the same period.
The announcement marks Lyft's second round of layoffs in the last six months - in November Lyft announced nearly 700 jobs would be cut.
The layoffs, first reported by the Wall Street Journal on Friday, will not affect drivers, which the company does not consider employees.
www.msn.com/en-us/money/other/lyft-is-set-to-cut-1-200-jobs-30-of-its-workforce/ar-AA1aaAVZ
The ride-sharing app has struggled in recent years to capture Uber's market
In November it conducted another round of layoffs which affected 700 jobs
Lyft will cut around 1,200 jobs - around 30 percent of its entire workforce - in order to reduce its costs by around 50 percent.
It comes just three weeks after the company announced it would hire a new CEO, David Risher, and that its two co-founders, Logan Green and John Zimmer, would resign.
The ride-sharing apps stock price tanked by around 70 percent in the last year as its struggled to capture the market from Uber.
Uber's stock price declined by just four per cent over the same period.
The announcement marks Lyft's second round of layoffs in the last six months - in November Lyft announced nearly 700 jobs would be cut.
The layoffs, first reported by the Wall Street Journal on Friday, will not affect drivers, which the company does not consider employees.
www.msn.com/en-us/money/other/lyft-is-set-to-cut-1-200-jobs-30-of-its-workforce/ar-AA1aaAVZ