Lyft said Thursday it will cut 26% of its workforce, or about 1,072 people, as part of a restructuring plan aimed at rebuilding its core ride-hailing product and boosting profits.

The company also said in a regulatory filing Thursday that it decided to scale back hiring plans and will eliminate 250 open job positions.

Last week, Lyft’s newly appointed CEO David Risher told employees in an email that the company would significantly reduce its workforce as part of a restructuring effort. Risher said the restructuring would be part of Lyft’s plan to “better meeting the needs of riders and drivers.”

With an emphasis on ride-hailing, workers and industry watchers have speculated other departments such as its bike-sharing service will sustain the deepest cuts. Lyft did not disclose if the layoffs would focus on certain departments.

Lyft is scheduled to release its first-quarter earnings results May 4.

Source @TechCrunch