Lyft to lay off 26% of its workforce

This recent move follows last year’s layoffs, which saw the company let go of 13% of its employees. The decision to downsize comes just weeks after co-founder Logan Green stepped down as CEO following a rough earnings call. Green stated that Lyft would need to increase spending to remain competitive with Uber. While neither Lyft nor Uber has turned a profit on an annual basis, Uber was profitable last quarter due to investments in other businesses.