Reported about 1 month ago
Lyft announced plans to sell certain bike and scooter rental assets and cut approximately 1% of its workforce as part of a restructuring strategy to reduce costs. The company, which operates Citibike in New York City, is expecting to incur charges between $34 million to $46 million primarily due to asset disposal. The restructuring is projected to improve the adjusted operating income by around $20 million annually, as Lyft faces challenges amidst intense competition from Uber.
Source: YAHOO