Lyft cuts 13% of its workforce

3 yıl önce

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Lyft CEO Logan Green (R) and President John Zimmer (2nd R) speak before the Nasdaq opening bell celebrating the company's initial public offering (IPO) on March 29, 2019 in Los Angeles, California.

Mario Tama | Getty Images News | Getty Images

Lyft said Thursday it's cutting 13% of its workforce, impacting all teams.

In an email to employees obtained by CNBC, CEO Logan Green and President John Zimmer pointed to what they called "a probable recession sometime in the next year" and rising rideshare insurance costs.

Shares of Lyft were down more than 2% Thursday. Shares have fallen 68% year-to-date, which has brought its market cap under $5 billion.

This story is developing. Check back for updates.

-CNBC's Laura Batchelor contributed to this report.

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