Ride-hailing company Lyft Inc. plans to cut at least 1,200 jobs in a fresh round of layoffs as the company struggles to reach profitability and compete with bigger rival Uber Technologies Inc.
The latest reductions could affect 30% or more of Lyft’s 4,000 employees, according to a person familiar with the matter, and come after the company already shed some 700 people last year.
The Wall Street Journal earlier reported the cuts, adding that they could help Lyft slash 50% of its costs.
