Lime is hoping to realize profitability this year by shedding around 14% of its staff and closing operations in 12 markets.
Meaning, Lime is shutting down in Atlanta, San Diego, San Antonio, Phoenix, Linz, Buenos Aires, Montevideo, Bogotá, Lima, Puerto Vallarta, Rio de Janeiro, and São Paulo.
This isn’t the first time Lime has pulled out of markets. Over the period of about a year, Lime exited at the very least 11 markets while it stepped into 69 new ones. Between 2018 and 2019, competitor Bird pulled out of 38 markets and entered 36 new ones.
“Financial independence is our goal for 2020, and we’re confident that Lime would be the first next-era mobility firm to reach profitability,” Lime CEO Brad Bao stated. “We’re immensely grateful for our team members, riders, Juicers, and cities who showed support, and we hope to reintroduce Lime again into these sectors when the time is right.”
And while layoffs should not fun, Lime will not be alone. In 2019, both Bird and Lyft laid off employees working on micro-mobility. In March 2019, Bird laid off as much as 5% of its staff, after which cut as much as a dozen Scoot employees in December. Lyft, equally, also laid off up to 50 people on its bikes and scooters unit in the same month.
After Lime’s $310 million round in February led by Bain Capital, it reached a valuation of $2.4 billion.