Lyft, the ridesharing company, is cutting approximately 26% of its workforce or 1,072 jobs as it seeks to reduce costs and improve its business operations. In addition, the company will also scale back hiring and eliminate 250 open positions. Although the decision will lead to severance and benefits costs of up to $47 million in the second quarter, Lyft believes that the savings will aid in improving services for drivers and passengers. More details about the decision will be provided during an earnings call scheduled for May 4th.
