Preetika Rana and Emily Glazer
Lyft Inc. /zigman2/quotes/208999293/composite LYFT -8.06% will slow hiring, reduce the budgets of some of its departments and grant new stock options to some employees to make up for its eroding share price, according to people familiar with the company’s plans, joining rival Uber Technologies Inc. /zigman2/quotes/211348248/composite UBER -3.41% in outlining cuts as investor optimism cools on tech stocks.
President John Zimmer is expected to announce the measures Tuesday in a memo to staff, the people said.
A Lyft spokeswoman confirmed the company’s plans.
“We’re focused on accelerating profitable growth,” spokeswoman Jodi Seth said in a statement. “We’re also being responsible about costs and will significantly slow hiring.”
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