Posted on 04/21/2023 5:35:55 PM PDT by george76
Lyft CEO David Risher said Friday the ride-hailing company will “significantly” cut jobs in another round of layoffs to reduce costs, sending its shares up about 4%.
The company declined to provide details on the number of affected staff, but the Wall Street Journal reported earlier in the day the move could impact 30% of Lyft’s workforce, or more than 4,000 employees.
The decision comes weeks after the newly appointed CEO said Lyft was not for sale, disappointing some investors who had speculated that the exit of the company’s founders would pave the way for a deal and pushed up its stock last month.
Lyft could see costs slashed by half after the layoffs, the WSJ report said.
The company in November laid off about 683 employees, or 13% of its then workforce, to cut costs and cope with stiff competition from bigger rival Uber Technologies in a tough economy.
(Excerpt) Read more at nypost.com ...
Most excellent
The investors willing to keep floating these businesses are drying up....
Neither UBER nor LYFT has managed to make a profit from any of its ride sharing ventures to date... not 1 single dollar...
Seems like all of their “profit” was paid to someone sitting in a cubicle.
The drivers aren’t actual employees, except in California?
CA passed some crazy law making them employees. I suppose if there aren’t enough gigs to go around they have to lay some drivers off.
I’m not sure about the employees in the cubicles.
The CA law got canceled by a constitutional amendment. So the law now has an exception specifically for Uber/Lyft as they are “app-based companies”.
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