{"id":26519,"date":"2023-04-27T20:39:01","date_gmt":"2023-04-27T20:39:01","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/lyft-to-lay-off\/"},"modified":"2023-04-27T20:44:25","modified_gmt":"2023-04-27T20:44:25","slug":"lyft-to-lay-off","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/lyft-to-lay-off\/","title":{"rendered":"Lyft to lay off more than 1,000 employees in cost-cut push"},"content":{"rendered":"<p>(Reuters) -Ride-hailing firm Lyft Inc said it will lay off about 1,072 employees, or 26% of its workforce, in one of the first steps by the new Chief Executive David Risher, sending its shares up by about 1% on Thursday.<\/p>\n<p>Risher, who took over earlier this month, had recently said the company will &#8220;significantly&#8221; cut jobs, without providing the number of jobs that would be affected. <\/p>\n<p>Lyft will also eliminate more than 250 open positions and incur about $41 million to $47 million in costs related to severance and employee benefits in the second quarter, it said in an exchange filing. <\/p>\n<p>Separately, Lyft also said it will eliminate three layers of management from 8 to 5 and divide its rideshare business into three core teams. <\/p>\n<p>It will also take additional costs related to stock-based compensations, which it said cannot be estimated at the time.<\/p>\n<p>The money saved from job cuts will be used to support &#8220;service-level improvements&#8221; for riders and drivers, Lyft said, promising to offer more details in its first-quarter earnings call on May 4. <\/p>\n<p>This is the second round of job cuts by Lyft, which faces competition from bigger rival Uber Technologies Inc in a slowing economy. It had laid off about 683 employees, or 13% of its then workforce, in November.<\/p>\n<p>Coming off pandemic lows, Uber and Lyft are locked in a battle for market share, and investors worry that Lyft&#8217;s price cuts to avoid being a distant second in the North American ride-sharing market would squeeze its profit.<\/p>\n<p>Lyft&#8217;s stock closed up 1.5% on Thursday and so far this year has lost 8.8% of its value\u00a0compared with Uber&#8217;s 20% gain.<\/p>\n<p> (Reporting by Yuvraj Malik in Bengaluru; Additional reporting by Granth Vanaik; Editing by Shailesh Kuber and Arun Koyyur)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/lyft-to-lay-off\/file-photo-the-lyft-driver-hub-is-seen-in-los\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3Q0S0-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3Q0S0-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Reuters) -Ride-hailing firm Lyft Inc said it will lay off about 1,072 employees, or 26% of its workforce, in one of the first steps by the new Chief Executive David Risher, sending its shares up by about 1% on Thursday. Risher, who took over earlier this month, had recently said the company will &#8220;significantly&#8221; cut [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":26520,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-26519","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3Q0S0-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/26519","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=26519"}],"version-history":[{"count":4,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/26519\/revisions"}],"predecessor-version":[{"id":26858,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/26519\/revisions\/26858"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/26520"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=26519"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=26519"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=26519"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}