Lyft is preparing to lay off hundreds of employees.
FILE - A Lyft ride-hailing vehicle is parked near Empower Field at Mile High in Denver on April 30, 2020. began steering the ride-hailing service with a eye of driving down costs to help bring its fares more in line with its biggest rival, Uber.
The note didn't specify how many people would be jettisoned, but The Wall Street Journal reported that at least 1,200 employees will be laid off. The report cited unidentified people familiar with the cost-cutting plans. Risher, who had been a Lyft board member before being recruited to replace co-founder Logan Green, cited expense control as one of his top priorities during a interview with The Associated Press shortly after his hiring was announced. By ensuring Lyft is “super efficient,” Risher said the company would be in a better position to lower its fares to lure back passengers who had shifted to using Uber more frequently because that service was offering lower prices for the same trips.
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