(Reuters) – Lyft Inc (LYFT.O) plans to announce a restructuring that will result in job cuts, the New York Times reported on Wednesday, citing two people with knowledge of the matter.

The ride-hailing company, which operates in 300 cities in the United States and Canada, plans to inform employees on Wednesday, the report said.

Lyft did not immediately respond to a Reuters’ request for comment.

Shares of the company fell about 1.7% on the report.

Lyft is expected to be profitable on an adjusted EBITDA basis in the fourth quarter of 2021, Chief Executive Logan Green said in October, one year ahead of market expectations.

Rival Uber Technologies Inc (UBER.N) has promised it would achieve adjusted EBITDA profitability by the end of 2021.

Reporting by Ayanti Bera in Bengaluru; Editing by Sriraj Kalluvila

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