Lyft has announced it will cut 1,200 jobs as part of a cost-cutting plan.

 

Lyft has announced it will cut 1,200 jobs as part of a cost-cutting plan.  The figure represents 30% of the company's entire workforce. The job cuts could help the company reduce its costs by 50%, according to industry experts. The ride-hailing service laid off 700 employees in 2022. Lyft stated that the decision is a difficult one for the company but would ultimately help make Lyft more competitive and enable it to provide a better user experience. The company has lost market share to its ride-hailing competitors, such as Uber, which has expanded to international markets and provides services such as food delivery. The company's stock ($LYFT) has dropped by 70% in the last 12 months.  Note: Inside.com CEO and founder Jason Calacanis is an investor in Uber.