Uber Technologies Inc (NYSE:UBER) shares are trading lower by 4.84% to $29.98 after LYFT Inc (NASDAQ:LYFT) announced it will cut 1,200 jobs and invest in competitive pricing, faster pickup times and better driver earnings.
Per a report by the Wall Street Journal, some 4,000 or roughly 30% of Lyft’s employees could be impacted by the cuts, according to people familiar with the matter.
See Also: SpaceX Starship Launch ‘Still A Success’
The WSJ report also says the company had planned to announce the move after a board meeting next week. Sources familiar with the matter told the WSJ the cuts could help Lyft slash 50% of its costs.
According to data from Benzinga Pro, UBER has a 52-week high of $37.58 and a 52-week low of $19.90.
