Uber Rival Lyft To Lay Off 1% Of Employees, Sell Assets To Reduce Costs
Portfolio Pulse from Anan Ashraf
Lyft Inc. plans to lay off 1% of its workforce and sell assets related to its bikes and scooters operations to reduce costs. The restructuring is expected to incur charges of $34 million to $46 million and improve annualized Adjusted EBITDA by $20 million by the end of 2025.
September 04, 2024 | 12:27 pm
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Lyft is laying off 1% of its workforce and selling bike/scooter assets to cut costs. The restructuring will incur charges but aims to improve Adjusted EBITDA by $20M by 2025.
The layoffs and asset sales are part of a cost-cutting strategy to improve financial performance. The expected improvement in Adjusted EBITDA suggests a positive impact on Lyft's financial health, potentially boosting investor confidence.
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