Lyft will end its dockless bike and scooter services and lay off about 1% of its employees as part of a restructuring effort.
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00:00Lyft will end its dockless bike and scooter services and lay off about 1% of its employees as part of a restructuring effort.
00:08The company will rename its bike and scooter division to Lyft Urban Solutions and stop stand-alone operations in certain cities.
00:16Lyft expects to incur $34 million to $46 million in costs and aims to improve its financial performance by $20 million annually.
00:26This move comes as Lyft faces increased competition from Uber.