Ups & downs for Lyft | Uber rival cuts hundreds of jobs in bid to compete

Lyft has become the latest tech company to reduce its workforce in a new wave of layoffs as it restructures its bikes and scooters operation.

The ride-hailing company said the move will reduce operating costs as it focuses resources on its core business. Lyft will cut 1% of its total employees and expects between $34 million to $46 million in charges tied to the layoffs. Most of the charges will show up in third quarter figures, with the remainder in the following quarter.

Lyft Chief Executive David Risher, is restructuring the company in an attempt to take market share from rival Uber.

The job cuts are expected to boost its adjusted earnings by $20 million by the end of 2025.