Lyft is laying off 13% of its workforce, which amounts to about 650 jobs, in what its executives are calling a proactive step as they look to a possible recession and plan for the coming year.
Lyft Inc. is laying off 13% of its workforce, which amounts to 683 jobs, in what its executives are calling a proactive step as they look to a possible recession and plan for the coming year.
Lyft LYFT, -2.00%, which in July laid off 60 employees as it ended direct car rentals, said in a filing with the Securities and Exchange Commission on Thursday that it is not changing the financial guidance it issued when it reported second-quarter results. The company is scheduled to report third-quarter earnings Monday.
According to the letter the executives sent to the staff, the affected employees in Thursday’s action will receive 10 weeks of pay and accelerated vesting of their stock. Anyone who has been at the company for at least four years will receive an additional four weeks of pay. The layoffs are across teams, with about 25% of the cuts affecting employees in California, according to spokeswoman Jodi Seth.
The executives also mentioned in their letter that they are seeking a buyer for the company’s first-party vehicle-services business, which was launched in 2019 to help ride-hailing drivers maintain and repair their vehicles.
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