Lyft is preparing to lay off 1200 employees as new CEO David Risher takes over

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1 year ago

Popular American ride-hailing app Lyft announced on Friday that it would be laying off a significant number of employees as part of the company’s efforts to reduce costs and achieve profitability.

As per reports, the layoffs will affect 30 percent, or 1200, of its employees, which is expected to happen next week.

“We need to be a faster, flatter company where everyone is closer to our riders and drivers so we can deliver on this purpose. And we need to bring our costs down to deliver affordable rides, compelling earnings for drivers, and profitable growth. ” Said the newly appointed CEO, David Risher, in an email to his employees.

Lyft has been struggling to compete with its biggest rival, Uber. Previously, the company laid off 700 employees last year in its first round of job cuts.

This is an ongoing trend of tech layoffs that started in mid-2022 and continues to happen this year, affecting large corporations, including Google, Microsoft, Amazon, Meta, Netflix, and Tesla, which together laid off more than 1,00,000 employees. The reason is most of the time common for all because of increasing inflation, the crypto crash, and the result of the hiring boom during the pandemic. Which could very well pave the way for the next recession. Whatever is going to happen, only time will tell.

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