Lyft To Let Go Of 1.2K Workers As It Fails To Win Market Share From Uber - Lyft (NASDAQ:LYFT)

Lyft, Inc LYFT prepares to slash 1,200 or more jobs in a new round of layoffs to reduce costs.
The downsizing could impact 30% or more of Lyft's more than 4,000 employees, the Wall Street Journal reports.
The reduction could help Lyft slash 50% of its costs. Lyft does not count its drivers as employees.
Also Read: Meta's Townhall: Mark Zuckerberg Updates On Layoffs, Hiring and Incentives
Lyft's move comes days after new CEO David Risher took charge and followed an earlier round of cuts that shed about 700 people in 2022.
Lyft struggled to gain market share versus Uber Technologies Inc UBER, which gained market share and drivers during the pandemic.
Lyft also chose not to diversify beyond transportation and geography, unlike Uber.
Lyft was also slower to roll out bonuses and new features to entice drivers during a yearslong labor shortage on pandemic recovery.
Price Action: LYFT shares traded higher by 0.61% at $9.90 on the last check Friday.
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