Trip-hailing app Lyft will lay off 1,072 staff, roughly 26% of its company workforce, and will not rent for an extra 250 positions, the corporate mentioned in an SEC submitting Thursday.

The information comes per week after a memo from new Lyft CEO David Risher confirmed that the corporate would trim its head depend.

Lyft shares have been largely flat on the information. The corporate has round 4,000 staff and had already applied a 13% head depend discount in November 2022.

Risher’s tenure as CEO began earlier in April. He has emphasised a must streamline operations and get again to “higher assembly the wants of riders and drivers” in worker communications and public messaging.

Lyft co-founders Logan Inexperienced and John Zimmer stay on the corporate’s board, having led the corporate by its 2019 public providing and subsequent enlargement.

The corporate’s inventory has by no means risen above its debut worth and stays down round 8% yr to this point.

A concentrate on effectivity has been a well-known chorus from tech executives. The broader financial slowdown has hit tech corporations significantly arduous: Greater than 184,000 tech staff have misplaced their jobs in 2023 alone, in response to information from Layoffs.fyi.

Lyft didn’t instantly reply to a request for remark.