The Lyft Driver Hub is seen in Los Angeles, California, U.S., March 20, 2019. REUTERS/Lucy Nicholson//File Photois freezing all hiring in the United States through the end of the year, a company spokesperson said on Tuesday, making the ride-hailing firm the latest to pause recruitment as high inflation forces cost-cutting measures.
The company, which in July cut nearly 60 jobs in its rental division, has been battling surging expenses as U.S. inflation reaches levels not seen in four decades. As of June 30, Lyft had nearly 5,000 employees, according to its latest quarterly filing with the Securities and Exchange Commission.Register now for FREE unlimited access to Reuters.
However, the company warned challenges would persist in the third quarter due to high insurance costs, macroeconomic uncertainty and inflation. A broad sell-off in markets due to red-hot inflation and fears of a looming recession have crushed risky assets this year. As of Tuesday's close, Lyft's stock has dropped over 68% in 2022.Register now for FREE unlimited access to Reuters.com
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