infotechlead

Lyft puts brakes on hiring as recession fears mount

Lyft Inc is freezing all hiring in the United States through the end of the year as high inflation forces cost-cutting measures.
Lyft and Uber business
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.

Latest

More like this
Related

Citigroup to slash 3,500 tech jobs in China amid global restructuring drive

Citigroup has announced plans to cut approximately 3,500 jobs...

Donald Trump tariffs cast shadow over Asia Pacific’s tech growth

Technology spending in the Asia Pacific (APAC) region, projected...

How Google is leveraging AI to enhance Google One subscription

Google has strategically integrated artificial intelligence (AI) into its...

Zoom and Cisco lost UC&C market share: IDC

The size of the Unified Communications & Collaboration (UC&C)...