Rideshare company Lyft plans to announce layoffs for 13% of its workforce, or 700 employees, in a company meeting Thursday morning, stating the company was preparing for a recession and other challenges.
blog post from Lyft CEO Logan Green and President John Zimmer"Despite efforts to avoid this day, we've made the difficult decision to lay off 13% of the team. Additionally, we are pursuing a divestiture of our first-party vehicle service business, and in that case we do expect most of those team members will be offered roles from the acquiring company," the post read.
"We worked hard to bring down costs this summer: we slowed, then froze hiring; cut spending; and paused less-critical initiatives. Still, Lyft has to become leaner, which requires us to part with incredible team members," the post reads. The company's sales growth has been shrinking over the past year and it will report its third-quarter financial results on Monday. On Thursday, Lyft shares had fell to $14 -- a steep drop from the company's 52-week high of $57.68.
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