Lyft is moving forward with layoffs it announced last week, saying it is cutting more than a quarter of the company’s jobs.
Lyft’s latest round of layoffs comes just months after it laid off 13% of its staff in November. When announcing the news last week, CEO David Risher said: “We need to be a faster, flatter company where everyone is closer to our riders and drivers so we can deliver on this purpose.”
In a filing with the SEC, Lyft says it plans to lay off 1,072 employees in addition to scaling back hiring.
The plan involves the termination of approximately 1,072 employees, representing 26% of the Company’s employees. The Company has also decided to scale back hiring and has eliminated over 250 open positions.
The company expects the layoffs to cost “approximately $41 million to $47 million related to severance and employee benefits in the second quarter of 2023.”