Lyft Inc. LYFT on Thursday disclosed more details about layoffs reported last week. In a filing with the Securities and Exchange Commission, the ride-hailing company said it is laying off 1,072 employees, or about 26% of its workforce, and has eliminated more than 250 open positions. It will incur costs of $41 million to $47 million for severance and other employee benefits in the second quarter, the company said. Lyft also expects to incur other costs associated with stock-based compensation and payroll tax expenses, and said it will disclose those in an amended filing in the second quarter. The company is scheduled to report first-quarter earnings May 4.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.