Lyft to cut operating expenses, focusing on unit economics. Lyft reported its intention to cut 17% of the workforce to save operating expenses on the back of unprecedented ridesharing market correction. The company met over 75% fall in rides bookings in the last two weeks of April in the US and Canada.

Uber announced cost-cutting plan to be implemented in a challenging environment. The ridesharing market experienced an essential decline in rides and revenues reported by Uber and Lyft. The lockdown essentially reduced the number of riders, including airport transfers and ridesharing.

Uber and Lyft have become public, which attracted some attention to their business model. Both companies represent the new sharing economy, which is disrupting traditional personal and public transportation markets and offering an economically viable service for customers. The business model of new transportation companies is built around peer-to-peer transportation options, where drivers and riders are connected via an app. The