Lime exits 12 cities and lays off 100 employees in search of profit

In the US, it plans to shutter operations in Atlanta, Phoenix, San Diego and San Antonio.

In its ongoing quest to become profitable, Lime says it will exit 12 markets across the globe. In the US, the company will shutter operations in four cities: Atlanta, Phoenix, San Diego and San Antonio. It will also leave Linz, Austria, as well as Bogotá, Buenos Aires, Montevideo, Lima, Puerto Vallarta, Rio de Janeiro and São Paulo in Latin America.

According to Axios, Lime is also laying off about 100 employees, which amounts to approximately 14 percent of its workforce. Lime president Joe Kraus told the website the tweaks will help the company become sustainable this year. "We're very confident that in 2020, Lime will be the first next-generation mobility company to be profitable," he said.

Today's announcement isn't the first time Lime has scaled back its ambitions. Last month, the company shuttered its short-lived LimePod service, which had allowed people in Seattle to rent an electric car through the company's mobile app. The company has also tried to find new ways to generate revenue. In March, Lime started testing a subscription service that allows frequent customers to sign up for unlimited scooter and e-bike rides. It plans to roll out the service to additional countries this month.