Lyft said Thursday it was laying off 1,072 employees, about 26% of the total staff.
David Risher, who took over as CEO earlier this month, said last week that the company would reduce a number of its workforce on Thursday in an effort to be a “faster, flatter company.”
Lyft is also cutting 250 open roles.
The cuts were expected to hit roughly 30% of the workforce. It’s unclear which teams were impacted. A Lyft spokesman referred Fast Company to its 8-K filing.
The U.S.-based rideshare company has struggled to stay competitive against Uber, which has taken a growing percentage of the market share following the COVID-19 pandemic. Lyft has maintained its focus on North American rideshare operations, while Uber has built out a robust food and goods delivery service in addition to its international business.
Shares of Lyft were up less than 1% in the morning on the news.
Recognize your brand’s excellence by applying to this year’s Brands That Matter Awards before the early-rate deadline, May 3.
