Lyft to Sell Bike and Scooter Assets, Cut Jobs in Major Cost Restructuring  Amid Tough Uber Competition

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.