Lyft could cut hundreds of jobs in latest round of layoffs: report

City says 7,000 summer jobs are available for Boston youth ages 14 to 18

A Shared Driver Picks Up Passengers At O'Hare Airport On April 10, 2019 In Chicago, Illinois.

picture: Scott Olson (Getty Images)

Looks like another round of Deep hairstyles may come to Lyft Transportation Services. According to a report from The Wall Street JournalAnd The company’s newly appointed CEO said jobs would be cut “significantly” to reduce costs. The total number of lost jobs is not known at this time, but the outlet says it may be no less than 1200, or About 30 percent of Lyft’s entire workforce.

In case you missed it:

These cuts could cut costs at Lyft nearly in half, according to him Wall Street Journal. The news came just a few weeks after CEO David Risher announced that the ride-hailing services company was not for sale – much to the dismay of investors.

again in november 2024, We reported that Lyft cut 683 To achieve a little cost savings. At the time, that was about 13 percent of the company’s companywide workforce.

“We need to reduce our costs to offer affordable journeys, compelling profits for drivers and profitable growth,” Richer told magazine. He also added that these factors “require us to reduce our size and restructure the way we are organized”.

As mentioned earlier, we still don’t know exactly how many jobs will be cut, and Resher, who took over on April 17, didn’t add any clarity to that question with his statement to the outlet. However, he did say so lift He will share more with the staff next week.

“I own this decision,” he told the newspaper, “and I understand that it comes at a huge cost.”

company stock It’s down 70 percent in the past year alone — far outpacing the tech-savvy Nasdaq Composite Index, which fell 9 percent. To add insult to injury, Uber stock is down just four percent over the same time period.