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Lyft is Cutting 683 Jobs to Save a Little Money

Andy Kalmowitz
·1 min read
A sign is posted in front of a Lyft driver center on August 12, 2020 in San Francisco, California. Lyft reported a 61 percent drop in second quarter revenues with earnings of $339.3 million compared to $867.3 million one year ago.
A sign is posted in front of a Lyft driver center on August 12, 2020 in San Francisco, California. Lyft reported a 61 percent drop in second quarter revenues with earnings of $339.3 million compared to $867.3 million one year ago.

Lyft announced Thursday it will lay off over 680 of its employees, which equates to about 13 percent of its entire workforce, all in the name of cutting costs to deal with a weakening economy and potential upcoming recession, Reuters reports.

“The announced reduction in force is a proactive step as part of the company’s annual planning to ensure the company is set up to accelerate execution and deliver strong business results in Q4 of 2022 and in 2023,” Lyft said in a statement.

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Keep in mind this move comes less than a month after Lyft announced it would be raising service fees for customers in order to make up for higher insurance costs.