By Levi Sumagaysay
Ride-hailing giant Lyft Inc. is freezing hiring through the end of 2022, the company confirmed Tuesday.
Lyft /zigman2/quotes/208999293/composite LYFT +0.86% executives said during the company’s most recent earnings call that they have been trimming costs by cutting budgets and “dramatically slowing hiring.”
Tuesday, a company spokeswoman said that “like many other companies navigating an uncertain economy, we are pausing hiring for all U.S.-based roles through the end of the year.”
Shares of San Francisco-based Lyft have fallen almost 67% year to date. Monday, the company’s stock continued its losing streak after a UBS downgrade based on data that riders prefer Uber Technologies Inc. /zigman2/quotes/211348248/composite UBER -0.04% to Lyft, but the stock rebounded to close almost 5% higher Tuesday.
Earlier this year, Uber’s chief executive reportedly said the company would also cut costs and slow hiring.