Ride-hailing service Lyft is cutting 13% of its workforce, almost 700 employees, as it attempts to reduce operating expenses.
The San Francisco-based company said in a regulatory filing that it anticipates incurring approximately $27 million to $32 million in restructuring and other charges related to employee severance and benefits costs. The charges are expected in the fourth quarter.
Lyft Inc., whose sales growth has been shrinking over the past year, will report its third-quarter financial results on Monday.
With gas prices on the rise across the nation, San Francisco-based ride-hailing companies Uber and Lyft have decided to temporarily add surcharges to trips as a bit of relief for their drivers. Cierra Johnson reports.
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Copyright The Associated Press
