New Lyft Chief Executive David Risher tells employees that company needs to cut costs, deliver profitable growth.
Lyft Inc. is laying off a significant part of its workforce, the ride-hailing company’s new chief executive told employees in a Friday email, as he tries to cut costs and keep up with a much bigger rival, Uber Technologies Inc.
The Wall Street Journal first reported that the cuts will amount to 30% of the company’s workforce, or about 1,200 employees. Lyft LYFT does not consider its ride-hailing drivers employees.“We need to be a faster, flatter company where everyone is closer to our riders and drivers so we can deliver on this purpose,” new CEO David Risher said in his email to the staff. “And we need to bring our costs down to deliver affordable rides, compelling earnings for drivers, and profitable growth.
Lyft has been struggling while rival Uber UBER has gained ride-hailing share and built up its delivery business, Uber Eats, over the past couple of years. Lyft has seen its stock fall almost 70% in the past year, with the biggest fall coming after the company’s last earnings report.
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