Lyft Announces Restructuring, Sells Bike and Scooter Assets, Lays Off 1% of Workforce

Sep 4, 2024, 12:29 PM

Lyft has announced a restructuring plan that includes selling some of its bike and scooter assets and laying off about 1% of its workforce. The restructuring aims to reduce costs and is expected to incur charges between $34 million and $46 million, primarily in the third and fourth quarters of 2024, with a $20 million boost in savings. The decision comes as the ride-hailing company continues to struggle to achieve profitability.