Dozens of Lyft employees will lose their jobs in what the San Francisco-based ride-hailing company is calling a corporate restructuring, according to a report in the New York Times.
About 90 workers will be laid off in Lyft's marketing and enterprise sales departments, the report said. A spokesperson for the company, which has 5,500 employees, told the Times it is still growing and plans to hire 1,000 new employees in 2020.
It's the first job cuts Lyft has made since it went public in March 2019, the Times said. Rival company Uber, also based in San Francisco, has had multiple rounds of job cuts totaling about 1,000 layoffs.
Lyft Inc. (Nasdaq: LYFT) shares were down about 2% to $47.18 just before closing Wednesday.
