(Tiper Stock Exchange) – Lyftcompetitor of Uber in the ride sharing sector, will “significantly” reduce its workforce as part of a restructuring to focus on better meeting the needs of drivers and riders. This was stated by CEO David Risher in a letter to employees, without however providing details on the number of people made redundant.
Previously, the Wall Street Journal reportedly the decision could impact the 30% of the workforce of Lyft, or more than 4,000 employees. The company laid off about 683 employees in November, or 13% of the then workforce.
“We have to reduce our costs to deliver affordable rides, compelling driver earnings, and profitable growth – said Risher – We intend to use these savings to invest in competitive prices, faster collection times and better earnings for drivers. All of this requires us to downsize and restructure the way we are organised.”
Lyft has confirmed that no changes have been made to the guidance previously issued with respect to Q1 2023 revenue, contribution margin and Adjusted EBITDA. The company will release its first quarter 2023 financial results on Thursday, May 4, 2023.
(Photo: Photo by Paul Hanaoka on Unsplash)