Lyft Cuts 1% of Staff, Restructuring Bike and Scooter Operations

What’s happening at Lyft?

Lyft is selling assets related to its bike and scooter rental operations and laying off 1% of its staff as part of a broader restructuring aimed at reducing costs. This is part of the company’s ongoing efforts to streamline operations and improve its financial position amidst tough competition in the ride-sharing industry.

The company projects annual savings of approximately $20 million by the end of next year through this restructuring and other operational improvements.

Key details

• The restructuring will impact Lyft’s bike and scooter rental business, including its well-known Citibike service in New York City.
• Lyft will lay off around 1% of its workforce, which totals nearly 3,000 employees.
• The company expects to take a financial hit of $34 million to $46 million, mostly tied to asset disposals.

Impact in Canada

It remains unclear exactly how many Lyft employees in Canada will lose their job as a result of this layoff.

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