Lyft said it is further reducing its workforce in a new wave of layoffs as it restructures its bikes and scooters operation.
The ride-hailing company on Wednesday said the move will reduce its operating costs as it focuses resources on its core business. Lyft will cut 1% of its total employees and expects between $34 million to $46 million in charges tied to the layoffs. Most of the charges will be booked in the third quarter, with the remainder in the following quarter.
It’s the latest round of job cuts under Lyft Chief Executive David Risher, who has aimed to turn the company around and take more market share from rival Uber Technologies. Lyft has been able to gain market share in part from the money it’s saving from shrinking its payroll.
The job cuts are expected to boost its adjusted earnings by $20 million by the end of 2025.
https://www.msn.com/en-us/money/companies/lyft-to-lay-off-employees-to-cut-down-bikes-scooters-division/ar-AA1pZb7C