Lyft laying off over 1,000 workers, or 26% of workforce

Ride-hailing firm Lyft said Thursday it will lay off about 1,072 employees, representing 26% of the company’s workforce, as part of a previously announced retrenchment plan.

Chief Executive Officer David Risher had said last week that the company will “significantly” cut jobs, without providing details on the number of affected staff.

Lyft, which will also eliminate over 250 open positions, will incur about $41 million to $47 million in costs related to severance and employee benefits in the second quarter of 2023, it said in an exchange filing.

Lyft shares rose 0.4% to $10.08 on Thursday.