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A comment on Lyft laying off 13% of staff.

Re:Lyft laying off 13% of staff by jeffbee on Thursday November 03, 2022 @12:56PM (#33453908)
Although I do think an industry downturn is here/coming, I don't think Lyft is part of the trend. Lyft, specifically, is just a bad company. It has never made an annual profit, will never make an annual profit, and is gravely overstaffed for its operations. Liabilities are approaching assets on the balance sheet. They have to cut somewhere. They already shed their useless little autonomous driving division, and I expect them to just abandon or spin off the bike share.
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Re:Lyft laying off 13% of staff by darkwizard42 on Thursday November 03, 2022 @01:39PM (#33454605)
I believe the bike-share is their most profitable division. Would it make sense to spin that off? It has a de facto monopoly in many markets it operates in
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Re:Lyft laying off 13% of staff by jeffbee on Thursday November 03, 2022 @02:07PM (#33454980)
That's cool, I am just vaguely concerned about it. They seem to have tacitly abandoned it in the East Bay area.
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Re:Lyft laying off 13% of staff by shoshoshosho on Thursday November 03, 2022 @05:01PM (#33457471)
The maintenance for Citibike is also basically nonexistent, many bikes that feel like peddling through mud
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Re:Lyft laying off 13% of staff by darkwizard42 on Sunday November 06, 2022 @04:28PM (#33497416)
Huh, I feel the opposite. Feels like more and more I get the "next-gen" e-bikes in Manhattan. The older gen e-bikes do feel like they are on their last legs.
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Re:Lyft laying off 13% of staff by darkwizard42 on Sunday November 06, 2022 @04:29PM (#33497427)
From my past time at Lyft, there was a much larger loss and theft issue with East Bay's bikes. Not sure if they figured that out. Used to hear about bikes regularly being pulled out of Lake Merritt.
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Re:Lyft laying off 13% of staff by janeerie on Thursday November 03, 2022 @06:05PM (#33458488)
The one specific person I saw that was laid off today was in their bike-share division, so it apparently is involved in the layoffs.
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Re:Lyft laying off 13% of staff by silveraxe93 on Thursday November 03, 2022 @01:00PM (#33453975)
But that's the point right? The economy was flush with cash and bad companies were alive that shouldn't be. It was unsustainable.

Now we're just seeing the good companies slimming down and bad ones failing.

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