Scooter startup Lime is laying off 80 more workers as coronavirus obliterates its path to profitability
The coronavirus pandemic is strangling revenue streams for scooter rental startup Lime. Now, the company is laying off 80 workers — or 13% of its workforce — CEO and cofounder Brad Bao said Thursday morning.
"We have made the very difficult decision to reduce our workforce today," Bao said in a statement to Business Insider. "The world changed overnight, impacting the lives of our employees, riders and the very communities we love and serve. We are taking these necessary steps to ensure long-term resilience of the business so that we remain a safe and reliable transportation option for cities around the world as we come out of this crisis."
Bao also detailed the job cuts in a blog post Thursday. The layoffs were foreshadowed earlier this week by reports from Bloomberg and Axios.
Lime already cut 100 jobs in January as part of a push to become profitable. But in the past two months, shutdowns caused by COVID-19 have decimated the company's profits. Ridership in Paris, the company's largest market, plummeted from over 15,000 to just over 300 in a matter of days mid-March, according to Bloomberg.