Lyft confirmed its plans Thursday to lay off 13% of its workforce, equivalent to about 700 employees, as the broader downturn in once high-flying tech companies persists.In a company-wide email obtained by NBC News, Lyft executives said the cuts were necessary as the company becomes "leaner" amid “several challenges playing out across the economy.”“We’re facing a probable recession sometime in the next year and rideshare insurance costs are going up,” the executives said, adding the cuts would occur throughout the company."On Tuesday, a former Treasury Secretary said that the US faces 'as complex a set of macroeconomic challenges as at any time in 75 years', and many parts of the developed world appear to be headed for recession," Stripe co-founder and CEO Patrick Collison wrote in a note to employees.Other tech companies that have announced layoffs include Netflix, Spotify, Coinbase and Shopify — while others, like Google parent Alphabet and Facebook owner Meta, have recently implemented cost-cutting measures, CNBC reported."These companies were spending like 1980s rock stars, and in a darker economic climate, they’re being forced to make some difficult cuts," Ives said."