Lyft Inc. said Thursday it would lay off 13 percent of its workforce, or about 683 employees, in the ride-hailing firm's latest cost-cutting step to cope with a weakening economy.
As decades-high inflation hits consumer spending and drives up costs for businesses, companies across sectors are cutting jobs and downsizing their operations to preserve profits.
Lyft's latest move is expected to result in a charge of between $27 million and $32 million in the fourth quarter. It follows 60 job cuts earlier this year and a hiring freeze in September.