SAN FRANCISCO (KRON) — Lyft plans to cut 1,200 jobs in the latest round of layoffs for the San Francisco-based ride-share accompany, the Associate Press confirmed Friday. The news was first reported earlier in the day by the Wall Street Journal. The cuts represent a significant reduction of Lyft’s workforce. The company currently employs around 4,000 people, so the cuts represent about 30% of its workforce.
The news comes just days after new CEO David Risher began steering the ride-hailing service with a eye of driving down costs to help bring its fares more in line with its biggest rival, Uber.
Risher, a former Amazon executive, informed Lyft’s workforce of more than 4,000 employees in an email posted online Friday that a “significant” number of them will lose their jobs. It came at end of his first week as Lyft’s CEO.
The note didn’t specify how many people would be jettisoned, but The Wall Street Journal reported that at least 1,200 employees will be laid off. The report cited unidentified people familiar with the cost-cutting plans.
Lyft does not count its drivers among its employees.
Lyft’s most recent round of layoffs occurred in November of last year when the company let go about 13% of its workforce. The company also laid off about 60 employees last summer.
According to the WSJ, the latest round of cuts could help the company reduce its operating expenses by half. The reported layoffs are the latest in a series of tech layoffs that have seen companies like Google, Salesforce and Meta all cut jobs in recent months.
Earlier this week, Buzzfeed also announced it would be shutting down its digital news platform, Buzzfeed News.
San Francisco-based Lyft declined to provide additional details Friday, but said more information will be released next week.
The Associated Press contributed to this report.