Lyft's operating profit surges on rideshare demand, hiring slowdown

:Ride-hailing firm Lyft Inc on Thursday reported a record adjusted operating profit, benefiting from a surge in demand for rides and a dramatic slowdown in company-wide hiring that helped manage costs, sending its shares up 5 per cent.

Lyft last quarter said it would make investments to attract drivers as ride-hailing companies struggled with fewer cars on the road when consumers were returning to offices and taking more airport trips. Both Uber and Lyft are seeing more driver sign-up, as cost of living increases. Zimmer said the growth also came as it focused on product and engineering to improve marketplace efficiency.

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