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# Ride-sharing company Lyft to cut up to 1,200 jobs in a cost-cutting move
- URL: https://www.techloy.com/lyft-layoffs-2023/
- Published: 2023-04-25T11:50:48.000Z
- Updated: 2023-04-25T11:50:48.000Z
- Author: Emmanuel Oyedeji
- Tags: Tech Layoffs, Mobility

Ride-hailing company Lyft is set to undergo another round of layoffs that could see over 1,200 jobs cut, per the *Wall Street Journal,* citing people familiar with the matter.

According to the insiders, this restructuring could affect more than 30% of Lyft's 4,000 employees and is the first major move by new Chief Executive Officer David Risher, who took over from co-founders Logan Green and John Zimmer, who are stepping back from daily operations after more than a decade with the company.

This move comes as the company looks to reduce costs, amidst stiff competition from bigger rival Uber Technologies Inc, and cope with a challenging economy post-pandemic. It also comes only five months after the company laid off about 13% (683 employees) of its then workforce in November 2022 citing similar reasons.

According to the latest financial results, Lyft's U.S.-centric focus has left it lagging behind its rival Uber, whose wider reach and diverse operations have given it a competitive advantage. As a result, Lyft's stock has seen a decline of approximately 11% this year, while Uber's stock has enjoyed a gain of 27.5%, as of the close of trading last Thursday.