Lyft to cut 1,072 employees, or 26% of its workforce

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Ride-hailing app Lyft will lay off 1,072 employees, roughly 26% of its corporate workforce, and wont hire for an additional 250 positions, the company said in an SEC filing Thursday. The news comes a week after a memo from new Lyft CEO David Risher confirmed that the company would trim its head count. The company has around 4,000 employees and had already implemented a 13% head count reduction in November 2022. He has emphasized a need to streamline operations and get back to "better meeting the needs of riders and drivers" in employee communications and public messaging. The companys stock has never risen above its debut price and remains down around 8% year to date.

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