Lyft Gift Cards Lyft announced a round of staff cuts amid questions about the company’s ability to stem its enormous losses and show how it can achieve profitability. The company is laying off about 90 employees, or around 1.6 percent of its 5,500-person workforce. The layoffs were first reported by The New York Times — though Lyft denied that it was part of a broader corporate restructuring, as originally reported by the Times.

"We've carefully evaluated the resources we need to achieve our 2020 business goals, and the restructuring of some of our teams reflects that. We are still growing rapidly and plan to hire more than 1,000 new employees this year," a Lyft spokesperson told Business Insider.

The company put together an aggressive plan to strengthen its financial position, Lyft co-founder and CEO Logan Green said during the earnings call. Lyft reduced its more than 5,000-person workforce by 17% and furloughed nearly another 300. Lyft also initiated a three-month pay reduction for all salaried employees, ranging from 10% for its most non-hourly team members, up to 30% for its senior leadership team and board members.

Uber and Lyft, which both went public this year, have set records for the amount of money lost in the run-up to their respective IPOs. And since going public, both companies have continued to disappoint institutional and retail investors. Uber had to lay off around 1,000 workers last year amid its own restructuring efforts.

Z2U.com has you covered. Just get your friend a Lyft gift card to help them get around town when you can’t be the tour guide.