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Ride-share company Lyft stops US hiring amid recession fears

The company said it will freeze all hiring in the US until the end of the year
Lyft app
Posted at 6:58 PM, Sep 27, 2022
and last updated 2022-09-27 18:58:13-04

Ride-sharing app Lyft says it will halt all hiring until the end of the year in the United States as companies push cost-cutting measures amid rising inflation.

Lyft cut jobs in its rental division in July, Reuters reported. The company has fought against rising expenses this year as U.S. inflation increases.

The Securities and Exchange Commission (SEC) said in a recent quarterly filing that Lyft had about 5,000 employees on its payroll.

Costs have spiked for the California-based business by 36%.

Lyft's competitor Uber has also cut hiring and its marketing budget.

Lyft's stock dropped by more than 68% by the end of Tuesday trading on Wall Street.