Lyft said it is further reducing its workforce in a new wave of layoffs. Lyft said it is further reducing its workforce in a new wave of layoffs as it eliminates standalone dockless bikes and scooters from the business.
The ride-hailing company said the move will reduce its operating costs as it focuses resources on its core business. Lyft will cut 1% of its total employees and expects charges between $34 million and $46 million tied to the layoffs. Most of the charges will be booked in the third quarter, with the remainder in the following quarter.
The job cuts are expected to boost its adjusted earnings by $20 million by the end of 2025.
Finance Chief Erin Brewer said the third quarter is a big season for bike rides and that Lyft expects a slight increase in the business in the fourth quarter, but factors such as weather could weigh on demand.

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