Lyft Inc said on Thursday it would lay off 13% of its workforce, or about 683 employees, in the ride-hailing firm's latest cost-cutting step to cope with a weakening economy.
The company, which is slated to report third-quarter results on Monday, said the layoffs would not impact its previously issued forecast for the period. It expects revenue of $1.04 billion to $1.06 billion and adjusted core profit of $55 million to $65 million."The announced reduction in force is a proactive step as part of the company's annual planning," Lyft said in a statement.
But experts believe that legal challenges and business groups lobbying for changes could derail the Biden administration's efforts.
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