Lyft slashing at least 1,200 jobs: report

Ride-sharing company Lyft will cut at least 1,200 jobs in another round of layoffs as it looks to reduce costs, the Wall Street Journal reported on Friday, citing sources familiar with the matter.

Lyft could see costs slashed by half, the report said. Shares of the company rose over 4% on the news.

The latest layoffs could affect 30% or more of Lyft’s over 4,000 employees, the report said, adding the company plans to disclose the move after a board meeting next week.

Lyft did not immediately respond to a Reuters request for comment.