Lyft announced plans to sell some of its bike and scooter rental assets and lay off around 1% of its workforce, as part of a broader restructuring aimed at cost-cutting. Lyft expects to incur charges due to primarily due to asset disposal. Cost savings from the restructuring could boost adjusted operating income by $20 million annually by next year. CEO David Risher has been focused on improving Lyft's competitiveness, addressing weaker performance forecasts amid pressure from rival Uber.
