Lyft will lay off 13% of its staff, or nearly 700 employees, as it rethinks staffing amid rising inflation and fears of a looming recession.
In a memo to staffers on Thursday, a copy of which was shared with CNN Business, Lyft\n \n co-founders Logan Green and John Zimmer said the layoffs will impact every part of the company, and pointed to broader macroeconomic challenges that led to the cuts. “We know today will be hard,” the founders wrote in the memo. “We’re facing a probable recession sometime in the next year and rideshare insurance costs are going up.
Amazon on Thursday said it planned to implement a pause on corporate hiring for months, citing the economic climate. Also on Thursday, Stripe, a payment processing company and one of the world’s most valuable startups, announced it is laying off 14% of staffers. “We were much too optimistic about the internet economy’s near-term growth in 2022 and 2023 and underestimated both the likelihood and impact of a broader slowdown,” Stripe CEO Patrick Collison wrote in a note to employees.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
San Francisco-Based Lyft to Lay Off Nearly 700 EmployeesRide-hailing service Lyft is cutting 13% of its workforce, almost 700 employees, as it attempts to reduce operating expenses.
Read more »
Lyft announces layoffs of 13% of workforce in anticipation of recessionRideshare company Lyft plans to announce layoffs for 13% of its workforce, or 700 employees, in a company meeting Thursday morning, stating the company was preparing for a recession and other challenges.
Read more »
Lyft to lay off 683 employees in cost-cutting pushLyft Inc said on Thursday it would lay off 13% of its workforce, or about 683 employees, in the ride-hailing firm's latest cost-cutting step to cope with a weakening economy.
Read more »
Lyft Just Laid Off Nearly 700 Corporate Employees and Partly Blamed It on Paying for Drivers’ InsuranceThe company's co-founders said rising inflation and rising rideshare insurance costs were main motivating factors for axing 13% of its corporate staff.
Read more »
Lyft Cuts 13% Of Its Staff While Stripe Slashes 14%—Here Are The Biggest U.S. Layoffs This YearForbes is tracking the biggest layoffs in the U.S. this year as companies react to fears of a looming recession.
Read more »
Lyft curbs chunk of staff due to heightened insurance costs - San Francisco Business TimesThe staff reduction move joins a chorus of other local tech companies instituting cuts this week.
Read more »