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ride share app lift The company said it will furlough 1,072 employees, about 26% of its workforce, and will not hire an additional 250 people. SEC filing Thursday.
The news comes a week after a memo from Lyft’s new CEO, David Risher, confirming that the company is laying off staff.
Following the news, Lyft’s stock was largely flat. The company has about 4,000 employees and in November 2022 he has already implemented a 13% workforce reduction.
Risher’s tenure as CEO began earlier this month. He emphasized the need to streamline his operations and “better meet the needs of riders and drivers” in employee communications and in his public messages.
Lyft co-founders Logan Green and John Zimmer have remained on the company’s board of directors, leading the company through its 2019 public offering and subsequent expansion.
The company’s stock has never topped its opening price and remains down about 8% year-to-date.
A focus on efficiency is common among tech executives. According to Layoffs.fyi data, he will lose more than 184,000 tech employees in 2023 alone.
