Ride-hailing company Lyft announced on Tuesday that it would be laying off 980 employees, or 6% of its workforce. The layoffs come as the company faces increasing competition from rivals like Uber and DoorDash. In a blog post, Lyft CEO Logan Green said that the layoffs were necessary to “ensure that we are best positioned for long-term growth and success.” He said that the company would be focusing on its core ride-hailing business and investing in new areas like electric vehicles and autonomous driving.
Ride-hailing company Lyft announced on Tuesday that it would be laying off 980 employees, or 6% of its workforce. The layoffs come as the company faces increasing competition from rivals like Uber and DoorDash.
In a blog post, Lyft CEO Logan Green said that the layoffs were necessary to “ensure that we are best positioned for long-term growth and success.” He said that the company would be focusing on its core ride-hailing business and investing in new areas like electric vehicles and autonomous driving.
The layoffs come at a time when Lyft is facing a number of challenges. The company has been losing money for years, and its stock price has fallen sharply in recent months. Lyft is also facing increased competition from rivals like Uber, which is now the dominant player in the ride-hailing market.
In addition, Lyft is facing regulatory challenges in a number of cities. In New York City, for example, the city council is considering a bill that would cap the number of ride-hailing cars on the road.
The layoffs are a sign that Lyft is facing some serious challenges. It remains to be seen whether the company will be able to turn things around and become profitable.