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Lyft slashes 1,072 workers or 26% of its force

April 28, 2023: -On Thursday, the company stated in an SEC filing the ride-hailing app Lyft would lay off 1,072 employees, nearly 26% of its corporate workforce, and is not taking for an additional 250 positions.

The news comes a week following a memo from new Lyft CEO David Risher, confirming that the company would trim its head count.

Lyft shares were essentially flat on the news. The company has around 4,000 employees and implemented a 13% headcount reduction in November 2022.

Tenure for Risher as CEO started earlier in April. He has emphasized a need to streamline processes and be back to “better meeting the demands of riders and drivers” in workers’ communications and public messaging.

Lyft people Logan Green and John Zimmer remain on the company’s board, leading it through its 2019 public offering and subsequent expansion.

The firm’s stock has never increased above its debut price and remains down around 8% yearly.

A focus on efficiency has been a related refrain from tech executives. The broader economic slowdown has reached tech companies particularly hard. Over 184,000 tech employees have lost their jobs in 2023 alone, the data from Layoffs. Fyi stated.

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