Lyft layoffs incoming, 1200 jobs to be cut

Question

The new CEO has announced that there will be significant cuts made at Lyft. This comes after the news of the departure of the two founders earlier this month. No surprise as Lyft's business has been doing quite poorly and has been unprofitable.

The former COO also made the point that it's not a very lucrative acquisition target either: https://www.levels.fyi/community/thread/AUWT9Z/brutal-take-from-former-lyft-coo--lyft-won-t-have-many-interested-buyers

https://www.reuters.com/technology/lyft-cut-least-1200-jobs-wsj-2023-04-21/

Enes Omar · Accepted Answer

Lyft is one of the highest paying companies for engineers. The compensation packages really made me consider working there. It's crazy how much of an expenditure stock based compensation must be, and it makes sense that the financial distress is catching up to their unprofitable business.

It was literally the highest paying companies for engineers in 2020: https://www.levels.fyi/2020/

Wheresmyoldaccount · Answer

Not surprising, they have failed

madscience · Answer

Yeah no surprise there after seeing that other Levels thread about Lyft’s attraction/progress.

Khoya · Answer

Also, instead of doubling down on growing the ridesharing biz, by maybe expanding internationally, or diversifying into the delivery space, they considered the autonomous driving tech BS accelerating the downhill journey in the process.

Lyft layoffs incoming, 1200 jobs to be cut

Lyft to 'significantly' cut jobs in new CEO's first major move

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