Scooter company Lime is laying off about 14% of its workforce (roughly 100 employees) and shuttering operations in 12 markets as it seeks to become profitable this year, the company tells Axios.
Why it matters: After two years of explosive growth, scooter companies have entered a new phase—survival of the fittest in a capital-intensive, money-losing industry.
The big picture: Lime is not the first or only scooter company to make cuts.
What they're saying: "We’re very confident that in 2020, Lime will be the first next-generation mobility company to be profitable," Lime president Joe Kraus tells Axios.
In between the lines: Kraus also refuted rumors that Lime is actively raising a new round of funding despite months of ongoing rumors that the company was running out of cash and looking for a fresh infusion. (Meanwhile, rival Bird announced in October $275 million in new funds.)
Details: Lime is ending operations in 12 markets where it says business was underperforming.
Editor's note: The story has been updated to show that scooter longevity was previously six months (not weeks).