News Formal

Ride-share company Lyft stops US hiring amid recession fears

  • 📰 10News
  • ⏱ Reading Time:
  • 18 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 50%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

The San Francisco-based ride-hailing brand cut jobs in July in its rental operation and has been fighting out-of-control expenses as inflation reaches record levels.

Ride-sharing app Lyft says it will halt all hiring until the end of the year in the United States as companies push cost-cutting measures amid rising inflation.

Lyft cut jobs in its rental division in July, Reuters reported. The company has fought against rising expenses this year as U.S. inflation increases. The Securities and Exchange Commission said in a recent quarterly filing that Lyft had about 5,000 employees on its payroll.Lyft's competitor Uber has also cut hiring and its marketing budget.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 732. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Signs of quiet quitting and how to respond - San Francisco Business TimesExperts say there are several red flags that illustrate when a worker could be at risk of quiet quitting. Here's how companies can respond.
Source: SFBusinessTimes - 🏆 78. / 68 Read more »

Survey robot startup among 5 from Bay Area funded at week's end - San Francisco Business TimesFive early-stage funding deals and developments on two SPAC mergers were the big BayArea funding news at the end of the week. TheFunded startups venture SiliconValley SanFrancisco
Source: SFBusinessTimes - 🏆 78. / 68 Read more »