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Journey-hailing app Lyft will lay off 1,072 staff members, approximately 26% of its corporate workforce, and will not likely hire for an more 250 positions, the firm said in an SEC submitting Thursday.
The information arrives a week soon after a memo from new Lyft CEO David Risher confirmed that the firm would trim its head rely.
Lyft shares were being mainly flat on the news. The company has all over 4,000 workers and had now implemented a 13% head count reduction in November 2022.
Risher’s tenure as CEO began previously in April. He has emphasized a will need to streamline functions and get again to “improved conference the demands of riders and motorists” in staff communications and public messaging.
Lyft co-founders Logan Inexperienced and John Zimmer continue being on the firm’s board, owning led the business as a result of its 2019 public giving and subsequent enlargement.
The company’s stock has hardly ever risen earlier mentioned its debut value and continues to be down around 8% yr to day.
A concentrate on efficiency has been a acquainted refrain from tech executives. The broader economic slowdown has strike tech businesses especially hard: Extra than 184,000 tech staff members have misplaced their work opportunities in 2023 alone, according to facts from Layoffs.fyi.
Lyft did not immediately react to a request for remark.
