Lyft to Lay Off Over 1,000 Employees as Part of Corporate Restructuring Plan

Lyft ($LYFT@US) will lay off 1,072 employees, or about 26 percent of its corporate workforce, and will not fill an additional 250 positions, according to an SEC filing. This move follows a memo from new CEO David Risher last week, indicating that the company would reduce its headcount. The company's shares closed up approximately 1.5 percent on Thursday. Lyft has around 4,000 employees and has already implemented a 13 percent headcount reduction in November 2022. The move is aimed at streamlining operations and better meeting the needs of riders and drivers. The company's stock has never risen above its debut price and remains down around 8 percent year to date.