Lyft CEO Says Staff to Be Cut ‘Significantly.’ Uber Stock Tumbles.

Lyft

the ride-share company, announced a large round of layoffs in an effort to cut costs.

In an email to employees that was later released to the public Friday,

Lyft

(ticker: LYFT) Chief Executive David Risher confirmed that the company will “significantly reduce the size of the team as part of a restructuring to focus on better meeting the needs of riders and drivers.” Risher took over as CEO of Lyft on Monday.