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Lyft to cut 13% of workforce in attempt to trim costs

Associated PressNovember 3, 2022 GMT

FILE - A Lyft ride-share car waits at a stoplight in Sacramento, Calif., July 9, 2019. Lyft is the primary funders of Proposition 30, which would raise taxes on the rich to pay mostly for electric vehicle infrastructure. (AP Photo/Rich Pedroncelli, File)

The ride-hailing service Lyft is cutting 13% of its workforce, almost 700 employees, as it attempts to reduce operating expenses.

The 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.