Rideshare company Lyft (LYFT) is reportedly expected to announce that it is restructuring its operations, which will include a number of job cuts.

According to sources for The New York Times, the company is struggling to understand if it can make a profit, after filing for an IPO last year, which turned in disappointing results.

Lyft is said to notify employees on Wednesday of the layoffs, which was unclear at the time of writing exactly how many workers would be affected.

Lyft’s rival, Uber, laid off a number of workers in 2019 with more than 1,000 employees cut in several rounds of layoffs.

Shares of Lyft stock were down 3.53% as of 2:05 p.m. EST on Wednesday.

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Representational image. Getty Images/Kelly Sullivan
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