Lyft announced it's laying off over 1,000 workers, or about 26% of its workforce, and also revealed it's scaling back hiring.

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Lyft Laying Off Over 1,000 Workers

Take a look at some other top stories that we're watching this afternoon. We are learning of more layoffs in an update to a story we brought you last week. Lift is laying off more than 1000 workers. That's about a quarter of its workforce. The company also revealing in a filing today reviewed by Chet News that it's going to scale back hiring and cut another 250 positions on the move. Today. A spokesperson telling Cheddar News in a statement last week after news first broke of upcoming layoffs, the company has to cut costs and restructure to meet its goals. Noting that the decision is difficult but will ultimately benefit the business. Today's filing showing Lyft will use the cost savings to make service level improvements to benefit riders and drivers.