Lyft News

A note from Lyft’s CEO David Risher

Apr 21, 2023

Lyft confirmed that there have been no changes in the previously issued guidance regarding first quarter 2023 revenues, contribution margin and Adjusted EBITDA. The Company is scheduled to report its first quarter 2023 financial results on Thursday, May 4, 2023. 

Our CEO David Risher emailed the following note to Lyft team members this morning April 21, 2023:

Hi Team,

At our first all-hands meeting a few weeks ago, you asked me about layoffs and I said they were in the air. Now I’m confirming that we will significantly reduce the size of the team as part of a restructuring to focus on better meeting the needs of riders and drivers.

Next Thursday, April 27, by 8:30 am Pacific Time / 8:30 am local time in Eastern Europe, we’ll send an email with details on your employment status. All offices will be closed on Thursday, including Flexdrive locations. (TBS warehouses will stay open.) I know this creates uncertainty between now and then, but given how many of you know or suspect this is coming, we wanted you to be prepared. Unfortunately, your manager won’t have additional information to share before Thursday.

Here’s why I’ve made this decision. As you’ve heard me say, great companies have purpose. Lyft has two purposes that are linked to each other: We help riders get out and about so they can live their lives together, and we provide drivers a way to work that gives them control over their time and money. 

We need to be a faster, flatter company where everyone is closer to our riders and drivers so we can deliver on this purpose. And we need to bring our costs down to deliver affordable rides, compelling earnings for drivers, and profitable growth. We intend to use these savings to invest in competitive pricing, faster pick-up times, and better driver earnings. All of these require us to reduce our size and restructure how we’re organized.

I own this decision, and understand that it comes at an enormous cost. We’re not just talking about team members; we’re talking about relationships with people who’ve worked (and played) together, sometimes for years. 

This is how we’re supporting those who are leaving: 

  • At least 10 weeks of pay, with additional weeks for team members with 4+ years with Lyft.

  • Healthcare coverage through October 31, 2023, including access to Modern Health. 

  • Accelerated equity vesting for the May 20 vesting date. 

  • Career resources, including coaching sessions on resumes and interviews. 

Lyft is full of talented, purpose-driven people, and I know those who are leaving will go on to do great things. I’m grateful for all you have brought to Lyft and regret that this is one of my first decisions as CEO.

With these changes, we have the opportunity to become the customer-focused, large-scale, profitable business we should be. It is important that we succeed: Drivers and riders want two strong companies in the market. We’re improving the lives of both. Our purpose will drive us as we create an extraordinary company together.  


Statements in this communication, including statements regarding our business outlook, expected financial performance and our actions with respect to employees  are forward-looking statements within the meaning of the Securities and Exchange Act of 1934, as amended.  Forward looking statements are subject to risks and uncertainties, including those discussed in our filings with the Securities and Exchange Commission. This communication also includes non-GAAP financial measures. For information about our non-GAAP financial measures, please see our press release for Q4 2022 available on our investor relations website at