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Lyft to lay off 13% of staff

Lyft on Thursday said it will lay off 13% of its staff, or nearly 700 employees, as it rethinks staffing amid rising inflation and fears of a looming recession. Lyft aims to cut operating expenses amid global macroeconomic conditions. According to a filing with the US Securities and Exchange Commission (SEC), Lyft said the cuts are a proactive step to ensure it "is set up to accelerate execution and deliver strong business results in Q4 of 2022 and in 2023". "The plan involves the termination of approximately 683 employees, representing 13 per cent of the company's employees. In connection with the plan of termination, the company estimates that it will incur approximately $27 million to $32 million of restructuring and related charges related to employee severance and benefits costs," Lyft wrote in the SEC filing. "As part of the restructuring charges for this plan of termination, in the fourth quarter of 2022 and first quarter of 2023 the company expects to record a stock-based compensation charge and corresponding payroll tax expense related to equity compensation for employees who were terminated," it added. In September, Lyft announced to freeze all hirings amid the economic instability and recession fears.
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