Lyft is preparing to lay off hundreds of employees just days after new CEO David Risher began steering the ride-hailing service with a eye of driving down costs to help bring its fares more in line with its biggest rival, Uber. Risher, a former Amazon executive, informed Lyft's workforce of more than 4,000 employees in an email posted online Friday that a "significant" number of them will lose their jobs. It is unclear how many people will be laid off, but The Wall Street Journal reported that at least 1,200 employees will be laid off. The report cited unidentified people familiar with the cost-cutting plans. Lyft's stock price surged 6 percent after news of its cost-cutting plans came out to close Friday at $10.44.

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