Lyft Restructures Bike and Scooter Program, Cuts 1% of Workforce
The ride-sharing company aims to streamline operations and focus on e-bikes, projecting a $20 million revenue boost.
- Lyft will lay off approximately 30 employees, about 1% of its workforce.
- The company plans to sell $34-$46 million worth of bike and scooter assets.
- Lyft will rebrand its bike and scooter program as 'Lyft Urban Solutions.'
- Citi Bike operations in New York City will remain unchanged.
- Lyft's restructuring is expected to enhance financial performance by 2025.
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