Lyft Inc. is 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.
San Francisco, California-based Lyft said its costs jumped 36 percent in its most recent quarter.
Several tech companies have been forced to slash headcount in recent months, with Lyft’s larger rival Uber Technologies Inc. also scaling back hiring and cutting marketing spend….