Lyft’s latest round of layoffs announced last week will include more than 1,000 job cuts in what the ride-sharing company says is an effort to cut costs.
“As part of Lyft’s previously announced restructuring and efforts to reduce costs, we are parting with just over 1,000 valued team members across the company. This was a hard decision and one we didn’t make lightly, but the result will be a far stronger, more competitive Lyft,” a company spokesperson said in a statement on Thursday.
Just days after David Risher started as Lyft CEO, he told employees in an email last week that the company would “significantly reduce the size of the team” and let employees know their employment status by Thursday. He said at the time that the job cuts will set up Lyft to “invest in competitive pricing, faster pick-up times, and better driver earnings.”
The Wall Street Journal reported last week that Lyft would cut 1,200 jobs, citing people familiar with the plans. A spokesperson for the company declined to confirm that number at the time.
This latest round of job cuts comes after Lyft announced a separate round of layoffs last November that cut 13 percent of the company’s workforce, or about 700 employees. Doordash, a food delivery service, also cut more than 1,000 corporate positions last November.