Lyft confirms 90 layoffs as it targets profitability

Shares of popular American ride-hailing giant Lyft are off 1.5% today in regular trading after The New York Times reported that the company would cut some staff. TechCrunch confirmed with the company that 90 individuals are expected to be impacted by the changes. The company’s shares dipped as far as 3% before recovering. In a…

Lyft confirms 90 layoffs as it targets profitability

Shares of popular American ride-hailing giant Lyft are off 1.5% today in regular trading after The New York Times reported that the company would cut some staff. TechCrunch confirmed with the company that 90 individuals are expected to be impacted by the changes. The company’s shares dipped as far as 3% before recovering.
In a statement, the company said that it has “carefully evaluated the resources we need to achieve our 2020 business goals, and the restructuring of some of our teams reflects that. We are still growing rapidly and plan to hire more than 1,000 new employees this year.”
Lyft has been under pressure along with industry peer Uber to show a path to profitability after a history of cash burn and unprofitability.
During its most recent earnings report, Q3 2019, Lyft said that it expects “to be profitable on an adjusted EBITDA basis in the fourth quarter of 2021,” earlier than previously expected. Th
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