Lyft taxi service puts hold on hiring due to US recession

Robert Besser
03 Oct 2022, 12:11 GMT+10

Ride-hailing firm Lyft said it is freezing all U.S. hiring through the end of the year, in a bid to combat rising costs
Amid high inflation forcing cost-cutting, the San Francisco, California-based company is the latest business to pause general recruitment
After battling surging expenses caused by the four-decade high U.S. inflation, in July the company cut nearly 60 jobs in its rental division

SAN FRANCISCO, California: Ride-hailing firm Lyft said it is freezing all U.S. hiring through the end of the year, in a bid to combat rising costs.

Amid high inflation forcing cost-cutting, the San Francisco, California-based company is the latest business to pause general recruitment.

After battling surging expenses caused by the four-decade high U.S. inflation, in July the company cut nearly 60 jobs in its rental division.

According to its latest quarterly filing with the Securities and Exchange Commission, Lyft had nearly 5,000 employees as of 30th June, and said its costs jumped 36 percent in its most recent quarter.

In the past months, several tech companies have been forced to lay off staff, including Lyft's larger rival, Uber.

Amid soaring demand for rides and gains from its cost-cutting, Lyft posted a record quarter in August, but it warned that challenges would continue in the third quarter due to high insurance costs, economic uncertainty and inflation.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Paris Guardian.

More Information

7 ℃

Light Rain in Paris/Orly

International

Section

Michigan man sentenced to prison term for keeping dead wife in freezer

MOUNT PLEASANT, Michigan: This week, a judge sentenced a Michigan man who kept his dead wife's body in a freezer ...

US CDC says life expectancy for newborns in 2022 gained a year

ATLANTA, Georgia: After two consecutive years of declines mainly caused by the COVID-19 pandemic, babies born in the U.S. in ...

Three more Israeli troops die in Gaza conflict, death toll hits 400

The number of soldiers in the Israeli army killed in the current Israel-Hamas war has topped 400. Three hundred and ...

Detention extended by Russian court of WSJ's US reporter

MOSCOW, Russia: A Russian court has extended the detention of Evan Gershkovich, a U.S. reporter for the Wall Street Journal, ...

Casualties mount again in Gaza as bombardments gather pace

Israel intensified its deadly bombardment of the Gaza Strip Saturday as renewed fighting with Hamas entered a second day following ...

Nikki Haley's 2024 Republican presidential bid endorsed by Koch Group

ARLINGTON, Virginia: This week, the conservative U.S. political network Americans for Prosperity Action (AFP Action), led by billionaire Charles Koch, ...