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What the numbers say: Lyft's revenue has grown steadily since the end of the COVID-19 pandemic, reaching a five-year high in Q4 2022 with $4.10B in revenue. However, the numbers pale in comparison to Uber, which closed 2022 with $31.88B in revenue. Relevance: Lyft announced on Friday that it will cut 1,200 jobs to reduce costs. The job cuts could impact nearly 30% of the company's workforce, which does not include drivers. Lyft laid off 700 employees at the end of 2022. What's next: New CEO David Risher said Lyft needs to reduce costs to create a "great and affordable experience for riders and improving drivers’ earnings.” |
