Electric scooter start-up Lime is laying off about 100 employees and leaving 12 cities.
The San Francisco-based company confirmed would end operations in seven Latin American cities, four US cities and one European city.
The story was first reported on the US news site. Axios.
Lime's public electronic scooters can be found on the streets and in parks in more than 100 cities around the world. They are accessed through a smartphone app.
Investors have invested hundreds of millions of dollars in electronic scooter companies, but most of them remain unprofitable.
Lime is backed by Uber and venture capital firm GV, formerly known as Google Ventures, and many others.
"Financial independence is our goal for 2020, and we are confident that Lime will be the first next-generation mobility company to achieve profitability," said Brad Bao, Lime's chief executive and co-founder, in a statement.
"We are immensely grateful for our team members, pilots, Juicers and the cities that supported us, and we look forward to reintroducing Lime back into these communities when the time is right."
A Lime spokeswoman told the BBC that 14% of Lime's workforce would be fired.
Lime will stop operations in the following cities:
- USA: Atlanta, Phoenix, San Diego and San Antonio
- Europe: Linz, Austria
- Latin America: Bogota, Buenos Aires, Montevideo, Lima, Puerto Vallarta, Rio de Janeiro and Sao Paulo