Ride-hailing company Lyft Inc. plans to cut 1,200 or more jobs in a fresh round of layoffs, the Wall Street Journal reported, citing people familiar with its plans.
The latest cuts could affect 30% or more of Lyft’s more than 4,000 employees, the Journal reported, saying the company had planned to announce the move after a board meeting next week.
Founded in 2012, three years after its hometown rival, San Francisco-based Lyft has increasingly been marginalized by rival Uber Technologies Inc., which accounted for 75% of the US consumer ride-share sales at the end of February, while Lyft had 25%, according to Bloomberg Second Measure.
Uber has benefited from expanding into food and beverage delivery, which helped it thrive during the pandemic when demand for shared rides plummeted.
By Lynn Doan / Bloomberg