Lyft restructures bike and scooter program, cutting 1% workforce and focusing on e-bike rentals.

Lyft is restructuring its bike and scooter rental program, leading to a 1% workforce reduction, roughly 30 employees. The company expects restructuring costs of $34-$46 million, primarily in Q3 2024, but anticipates a $20 million boost to adjusted EBITDA by 2025. This decision follows Lyft's first profitable quarter as a public company and aims to shift focus from scooters to e-bike rentals, enhancing operational efficiency.

September 04, 2024
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