Ride-hailing app Lyft is set to lay off more than 1,000 corporate employees.
In a SEC filing Lyft said 1,072 jobs will be cut, which equates to about 26% of its corporate workforce.
Also, it won’t hire for an additional 250 open positions.
It is part of cost cutting measures implemented by new Lyft CEO David Risher.
It doesn’t affect any of its drivers.
Lyft said it will cost up to $47 million in severance and employee benefit payouts.
The company announces its first-quarter earnings results next week.
