Experience-sharing app Lyft will lay off a big variety of staff one week into new CEO David Risher’s tenure, the corporate introduced Friday.

A spokesperson for Lyft declined to touch upon the precise variety of cuts, however the Wall Avenue Journal reported that the corporate would lay off at the very least 1,200 employees, or round 30% of its 4,000-person workforce.

“I am confirming that we are going to considerably scale back the dimensions of the crew as a part of a restructuring to give attention to higher assembly the wants of riders and drivers,” Risher instructed Lyft staff in an e-mail that was revealed on Lyft’s weblog. Risher’s appointment was introduced in March and went into impact April 17.

Lyft inventory was unchanged on the information. The corporate beforehand decreased its headcount in November, chopping 700 jobs, or about 13% of the workforce.

“We must be a quicker, flatter firm the place everyone seems to be nearer to our riders and drivers so we will ship on this objective,” Risher wrote on Friday.

Risher, a former Amazon govt, instructed staff in a city corridor just a few weeks in the past that layoffs had been imminent.

Lyft has struggled since its IPO in 2019 as its major competitor Uber has remained forward when it comes to market share and market capitalization. Lyft debuted at $72 and now trades underneath $10. 

“David has made clear to the corporate that his focus is on creating an incredible and reasonably priced expertise for riders and bettering drivers’ earnings,” a Lyft spokesperson instructed CNBC. “This can be a arduous choice and one we’re not making frivolously.”

Tech layoffs started in earnest late 2022, and have continued into the brand new 12 months. Earlier this week, Meta applied a beforehand introduced spherical of cuts. Amazon, Google, Microsoft and plenty of different tech corporations have collectively laid off over 172,000 staff in 2023, in keeping with layoff tracker Layoffs.fyi.

Lyft stated the restructuring would not impression beforehand issued steerage. The corporate is about to report earnings for the primary quarter of 2023 on Might 4.

WATCH: Lyft company shake-up