: Lyft sublease its office space in four cities due to remote work

Lyft LYFT -1.10% VP Rachel Goldstein In a statement, the company said it was taking action to address the increase in underutilized space. “While we still believe that human connection is important, many of our team members have opted to work remotely after we moved to a flexible workplace strategy,” she said, referring to the company’s announcement in March that it would be shifting to “about approx. 4,000 employees with fully flexible workplaces.

A Lyft spokeswoman said the company will begin subletting work with brokers this week. As demand changes, she said , Lyft will continue to adjust its real estate strategy.

Like other big companies recently, Lyft has been in cost-cutting mode. In May, when its stock price was hovering near all-time lows, the company announced Will cut budgets and slow hiring. It has also been under pressure to turn a profit and has emphasized to investors that discipline on costs is one way it plans to do so.

As of now , Lyft’s stock has fallen 64% YTD, and the S&P 500 SPX -0.22% has fallen about 13%.

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