Lyft to Cut at Least 1,200 Jobs in New Round of Layoffs to Reduce Costs

Lyft Inc. (LYFT) on Thursday disclosed more details about layoffs reported last week. In a filing with the Securities and Exchange Commission, the ride-hailing company said it is laying off 1,072 employees, or about 26% of its workforce, and has eliminated more than 250 open positions. It will incur costs of $41 million to $47 million for severance and other employee benefits in the second quarter, the company said. Lyft also expects to incur other costs associated with stock-based compensation and payroll tax expenses, and said it will disclose those in an amended filing in the second quarter. The company is scheduled to report first-quarter earnings May 4.

https://www.wsj.com/articles/lyft-to-cut-at-least-1-200-jobs-in-new-round-of-layoffs-to-reduce-costs-da423e53