Ride-hailing firm Lyft said it would slowdown hiring and will assess budget cuts in some departments, joining rival Uber Technologies in attempting to cut costs.
Lyft said no employee layoffs are planned and added it would grant special stock options to eligible employees.
Lyft had 4,453 employees at the end of December 2021.
“We’re also being responsible about costs and will significantly slow hiring,” the company said in a statement.
Uber CEO Dara Khosrowshahi earlier said the company would scale back hiring and reduce expenditure on its marketing and incentive activities.
Lyft reported Q1 revenue of $875.6 million versus $609 million in the first quarter of 2021, an increase of 44 percent year-over-year, and versus $969.9 million in the fourth quarter of 2021, a decrease of 10 percent quarter-over-quarter.
Lyft reported net loss of $196.9 million for Q1 2022 versus net loss of $427.3 million in the same period of 2021 and net loss of $283.2 million in fourth quarter of 2021.