Less Jobs Means More Earnings For Our Lyft Partners

Jo3030

Well-Known Member
Moderator
Lyft Plans Job Cuts as Part of Restructuring

The ride-hailing company has faced questions about whether it can make money.





SAN FRANCISCO — Lyft said on Wednesday that it was embarking on a corporate restructuring that would result in job cuts, as the ride-hailing company grapples with questions about whether it can make money.
The layoffs will affect around 90 people in Lyft’s marketing and enterprise sales departments, the company said. In marketing, Lyft is shifting from city-by-city marketing groups to regional teams, while its enterprise sales group is shuffling which markets are its top priorities. The company has 5,500 employees.
“We’ve carefully evaluated the resources we need to achieve our 2020 business goals, and the restructuring of some of our teams reflects that,” said Alexandra LaManna, a Lyft spokeswoman. “We are still growing rapidly and plan to hire more than 1,000 new employees this year.”

Lyft is part of a group of once highflying tech start-ups that held disappointing initial public offerings last year and are now dealing with questions about whether they can turn a profit. It is the first time that Lyft is cutting jobs since it went public in March. Last year, Lyft’s chief rival, Uber, laid off more than 1,000 employees in several rounds of cuts.

Other tech start-ups that were fueled by private money and that grew rapidly have also retrenched recently. WeWork, the office rental company, scuttled its plans to go public last year and has since cut 2,400 jobs. In India, Oyo, a highly valued hospitality company, has started laying off more than 2,000 workers.
Lyft has faced investor doubts for months. After the company went public, its stock tumbled below its offering price on the second day of trading and has yet to recover. The shares are down more than 30 percent from the offering price.

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Logan Green, Lyft’s chief executive, said during a call with investors in October that the company was making progress on its plans to become profitable. If it excluded some costs, the ride-hailing service would be profitable by late 2021, a year ahead of schedule, he said.
 

HPRohit

Well-Known Member
"Don't worry Lyft employees that are getting fired. We listened to your feedback. Being transitioned to "differently-paid shill" status is what you asked for in our recent feedback effort. Being fired will make your income more consistent and predictable. In addition to this flexible new opportunity, you now have the option of becoming a driver partner where your earnings will certainly match how much we care for your well-being. You're providing a great contribution to the Community. Get out there on a street corner and beg for basic subsistence. The Community is grateful for your past and future contributions!" - Logan Green
 

Ubertool

Member
"Don't worry Lyft employees that are getting fired. We listened to your feedback. Being transitioned to "differently-paid shill" status is what you asked for in our recent feedback effort. Being fired will make your income more consistent and predictable. In addition to this flexible new opportunity, you now have the option of becoming a driver partner where your earnings will certainly match how much we care for your well-being. You're providing a great contribution to the Community. Get out there on a street corner and beg for basic subsistence. The Community is grateful for your past and future contributions!" - Logan Green
Lyft sucks
 
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yankdog

Well-Known Member
Lyft Plans Job Cuts as Part of Restructuring

The ride-hailing company has faced questions about whether it can make money.





SAN FRANCISCO — Lyft said on Wednesday that it was embarking on a corporate restructuring that would result in job cuts, as the ride-hailing company grapples with questions about whether it can make money.
The layoffs will affect around 90 people in Lyft’s marketing and enterprise sales departments, the company said. In marketing, Lyft is shifting from city-by-city marketing groups to regional teams, while its enterprise sales group is shuffling which markets are its top priorities. The company has 5,500 employees.
“We’ve carefully evaluated the resources we need to achieve our 2020 business goals, and the restructuring of some of our teams reflects that,” said Alexandra LaManna, a Lyft spokeswoman. “We are still growing rapidly and plan to hire more than 1,000 new employees this year.”

Lyft is part of a group of once highflying tech start-ups that held disappointing initial public offerings last year and are now dealing with questions about whether they can turn a profit. It is the first time that Lyft is cutting jobs since it went public in March. Last year, Lyft’s chief rival, Uber, laid off more than 1,000 employees in several rounds of cuts.

Other tech start-ups that were fueled by private money and that grew rapidly have also retrenched recently. WeWork, the office rental company, scuttled its plans to go public last year and has since cut 2,400 jobs. In India, Oyo, a highly valued hospitality company, has started laying off more than 2,000 workers.
Lyft has faced investor doubts for months. After the company went public, its stock tumbled below its offering price on the second day of trading and has yet to recover. The shares are down more than 30 percent from the offering price.

  • Unlock more free articles.
Create an account or log in

Logan Green, Lyft’s chief executive, said during a call with investors in October that the company was making progress on its plans to become profitable. If it excluded some costs, the ride-hailing service would be profitable by late 2021, a year ahead of schedule, he said.
So as a stock trader, one thing you look for is whether cost savings through restructuring signals "we need to save a few bucks" or "we get it and we need to retool or at least retweak the business model". Lyft's changes,esp to it's marketing team(lol) signals to me the former and not the latter. I wouldn't touch it with my long term money as a result but if it adds volatility I'd trade it and have already. But for us I think we conclude this is hyped up bait and switch bullshit like always
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Damn Boy

Active Member
Lyft the inbred half-brother of Uber. Both are mentally disabled.
looks like all silicon valley companies are the product of incest.
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Lyft Plans Job Cuts as Part of Restructuring

The ride-hailing company has faced questions about whether it can make money.





SAN FRANCISCO — Lyft said on Wednesday that it was embarking on a corporate restructuring that would result in job cuts, as the ride-hailing company grapples with questions about whether it can make money.
The layoffs will affect around 90 people in Lyft’s marketing and enterprise sales departments, the company said. In marketing, Lyft is shifting from city-by-city marketing groups to regional teams, while its enterprise sales group is shuffling which markets are its top priorities. The company has 5,500 employees.
“We’ve carefully evaluated the resources we need to achieve our 2020 business goals, and the restructuring of some of our teams reflects that,” said Alexandra LaManna, a Lyft spokeswoman. “We are still growing rapidly and plan to hire more than 1,000 new employees this year.”

Lyft is part of a group of once highflying tech start-ups that held disappointing initial public offerings last year and are now dealing with questions about whether they can turn a profit. It is the first time that Lyft is cutting jobs since it went public in March. Last year, Lyft’s chief rival, Uber, laid off more than 1,000 employees in several rounds of cuts.

Other tech start-ups that were fueled by private money and that grew rapidly have also retrenched recently. WeWork, the office rental company, scuttled its plans to go public last year and has since cut 2,400 jobs. In India, Oyo, a highly valued hospitality company, has started laying off more than 2,000 workers.
Lyft has faced investor doubts for months. After the company went public, its stock tumbled below its offering price on the second day of trading and has yet to recover. The shares are down more than 30 percent from the offering price.

  • Unlock more free articles.
Create an account or log in

Logan Green, Lyft’s chief executive, said during a call with investors in October that the company was making progress on its plans to become profitable. If it excluded some costs, the ride-hailing service would be profitable by late 2021, a year ahead of schedule, he said.
Resolved.

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Rohit
 
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