– Lyft Will Lay Off At Least 1,200 Employees To Slash Costs:
With a new CEO at the helm, rideshare platform Lyft will cut at least 1,200 jobs as the firm strives to compete with larger rival Uber, The Wall Street Journal reported on Friday.
That’s a huge cut for a company with close to 4,000 employees, and comes on top of a 700-person layoff in November. A source familiar with Lyft’s workforce plans said the cuts could hit more than 30% of the staff — and help Lyft achieve a 50% cut in ongoing costs.
Lyft stock, which traded at $80 after its 2019 IPO, closed Friday at just $10.44. While that was a 6% gain from Thursday, the shares are down about 10% on the year, while Uber is up 21%.
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