Lyft Inc is freezing all hiring in the United States through the end of the year as high inflation forces cost-cutting measures.
The company in July cut nearly 60 jobs in its rental division. Lyft had nearly 5,000 employees as of June 30, according to its latest quarterly filing with the Securities and Exchange Commission.
San Francisco, California-based Lyft said its costs jumped 36 percent in its most recent quarter.
Lyft’s larger rival Uber Technologies also scaling back hiring and cutting marketing spend.
Lyft posted a record quarter in August on the back of soaring demand for rides and gains from its cost-cutting efforts.
Lyft earlier warned challenges would persist in the third quarter due to insurance costs, macroeconomic uncertainty and inflation.