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Lyft to slow hiring, assess cut budgets -Breaking


© Reuters. FILEPHOTO: Lyft’s Driver Hub can be seen in Los Angeles California on March 20, 2019, U.S.A. REUTERS/Lucy Nicholson

(Reuters). Ride-hailing service Lyft Inc (NASDAQ) stated Tuesday that it will slow down hiring and evaluate budget cuts in certain departments. It joined rival Uber Technologies (NYSE) Inc to try to control costs.

Lyft stated that no layoffs were planned for employees and offered stock options to those who are eligible.

In a statement, the company explained that they are also responsible for cost and will slow down hiring.

Lyft shares have fallen nearly 61% in the face of wider declines in tech stocks. They closed Tuesday down 17.2%

Dara Khorowshahi (Uber’s Chief Executive Officer) stated that Uber would reduce the number of employees and decrease its expenditures on promotional and incentive activities.

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