Lyft laying off nearly 700 workers, analysts say

11/3/2022

Approximately 683 employees will lose their jobs in the layoffs, which co-founders Logan Green and John Zimmer said in a memo will “impact every organization in the company.” The ride-share company had 5,000 employees at the end of June, according to its most recent quarterly filing.

Lyft expects the layoffs to come with roughly $27 million to $32 million in costs “related to employee severance and benefits costs,” it said in an SEC filing. They pointed to “several challenges playing out across the economy,” including a looming “probable” recession and rising insurance costs.

Lyft’s outlook for its third quarter remains unchanged, according to the company. It is scheduled to release its third-quarter financial results Monday.

Full Link (NyTimes) Here