Lyft is restructuring its micromobility division and laying off about 1% of its workforce in an attempt to cut costs, the company said in a Wednesday filing with the Securities and Exchange Commission.
The SEC filing came as part of a broader announcement from Lyft on the future of its bikes and scooters segment, which the company had been considering selling off last year. “One thing has become abundantly clear: Bikes and scooters are core to our purpose and make our company stronger,” Lyft CEO David Risher said in a blog post outlining the changes.
As part of its narrowing product portfolio, Lyft will stop operating standalone dockless bikes and scooters. It’s also renaming the division to Lyft Urban Solutions, which Risher said will “better reflect the role we play for cities around the world.”
Lyft operates Citibike in New York, and other similar services across other U.S. cities. It also powers bikeshare systems in more than 50 markets in 16 countries, including London, Madrid, Toronto, and Dubai.
Cost savings from the changes will help boost adjusted operating income by about $20 million on an annual basis by the end of 2025, Lyft said in the filing. Lyft had nearly 3,000 employees as of the end of 2023, according to its annual report.
Risher took over as CEO of the rideshare firm last year and cut hundreds of jobs and worked to improve rider prices as an attempt to fight Uber for market share. Lyft in August reported better-than-expected revenue for its second quarter of 2024 and posted a net profit for the first time.
Accedi per aggiungere un commento
Altri post in questo gruppo
Twitter cofounder Jack Dorsey is back with a new app that tracks sun exposure and vitamin D levels.
Sun Day uses location-based data to show the current UV index, the day’s high, and add
AI chatbot therapists have made plenty of headlines in recent months—s
The latest version of Elon Musk’s artificial intelligence chatbot Grok is echoing the views of its
When an emergency happens in Collier County, Florida, the
A gleaming Belle from Beauty and the Beast glided along the exhibition floor at last year’s San Diego Comic-Con adorned in a yellow corseted gown with cascading satin folds. She could bare
The internet wasn’t born whole—it came together from parts. Most know of ARPANET, the internet’s most famous precursor, but it was always limited strictly to government use. It was NSFNET that bro
