Lyft announced plans to sell some of its bike and scooter rental assets and lay off around 1% of its workforce, as part of a broader restructuring aimed at cost-cutting. Lyft expects to incur charges due to primarily due to asset disposal. Cost savings from the restructuring could boost adjusted operating income by $20 million annually by next year. CEO David Risher has been focused on improving Lyft's competitiveness, addressing weaker performance forecasts amid pressure from rival Uber.
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00:00It's Benzinga and here's what's on the block.
00:03Lyft announced plans to sell some of its bike and scooter rental assets and lay off around
00:071% of its workforce as part of a broader restructuring aimed at cost cutting.
00:11Lyft expects to incur charges primarily due to asset disposal.
00:15Cost savings from the restructuring could boost adjusted operating income by $20 million
00:20annually by next year.
00:21CEO David Risher has been focused on improving Lyft's competitiveness, addressing weaker
00:26performance forecasts amid pressure from rival Uber.
00:28For all things money, visit Benzinga.com.