Lyft cutting costs, to layoff nearly 700 employees

(CNN, KYMA/KECY) - Lyft said it will lay off 13% of its staff, or nearly 700 employees.

In a memo to staffers Thursday, Lyft's co-founders said the layoffs will impact every part of the company.

They said they're facing a probable recession next year and rideshare insurance costs are going up.

They said they worked hard to bring down costs last summer, by slowing, then freezing hiring.

Execs say they also cut spending, and put less-critical initiatives on hold.

Even so, they said Lyft has to become leaner through layoffs.

The move comes after a number of tech companies reported slowing growth in the September quarter, as advertisers and customers rethink spending.