Lyft to cut at least 1,200 jobs

Lyft Inc will significantly cut jobs in another round of layoffs as it looks to reduce costs, a note from new CEO David Risher said on Friday.

The ride-sharing firm could see costs slashed by half, a report by the Wall Street Journal said on Friday. Shares of the company rose over 4% on the news.

The latest layoffs could affect 30% or more of Lyft's over 4,000 employees, the report said, adding the company plans to disclose the move after a board meeting next week.

Lyft did not immediately respond to a Reuters request for comment.