From CNET: Lyft hasn't experienced a smooth ride on Wall Street since it went public last March. In an attempt to rein in costs, the ride-hailing company announced Wednesday that it's laying off 90 employees from its marketing and enterprise sales departments. The news was first reported by The New York Times.
"We've carefully evaluated the resources we need to achieve our 2020 business goals, and the restructuring of some of our teams reflects that," a Lyft spokeswoman said in an email. "We are still growing rapidly and plan to hire more than 1,000 new employees this year." Lyft currently has 5,500 employees.
The company listed on Wall Street on March 29 to a warm reception, with shares rising nearly 9%. Investors, however, quickly cooled on its prospects. By Day 2, shares had fallen below their initial price and have since remained stagnant.
In the months following Lyft's initial public offering, two sets of shareholders sued the company for misrepresenting the strength of its business, and its chief operating officer stepped down. Lyft's shares are currently down more than 30% from its listing price.
View: Full Article
