Lyft plans to lay off 13% of its workforce, the company announced Thursday.

In a company email, co-founders CEO Logan Green and President John Zimmer said a looming recession and increasing rideshare insurance costs made the layoffs necessary. Lyft did not change its financial guidance for the third quarter of 2022 or its 2024 financial targets…

In addition to its ride-hailing service, Lyft is the largest bikeshare company in the U.S. But it struggled to deal with rising costs this year. As of Friday morning, the company’s shares had fallen about 68% since the start of 2022. It’s been a tough year for micromobility services, with economic headwinds forcing other companies to reduce their staff and shutter operations, including Bird, Spin, Superpedestrian and Voi.