Cost-cutting Lyft will fire 683 workers.
- In its latest cost-cutting move to combat a faltering economy, Lyft Inc. announced on Thursday that it would lay off 13% of its workforce, or 683 individuals.
- In order to maintain profitability, corporations across sectors are reducing jobs and downsizing.
- Lyft’s latest move is projected to cost $27–32 million in the fourth quarter. Then…
It predicts revenue of $1.04 billion to $1.06 billion and adjusted core profit of $55 million to $65 million.
- San Francisco-based firm shares fell 1%.
- Lyft stated that the reduction in force was a proactive step in its annual planning.