Lyft freezing US hiring for remainder of year
The ride-sharing company joins others freezing hires or laying off employees
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Lyft is halting its U.S. hiring for the remainder of the year.
"Like many other companies navigating an uncertain economy, we are pausing hiring for all U.S.-based roles through the end of the year," Ashley Adams, a spokesperson for Lyft, told FOX Business Wednesday.
Lyft signage on a vehicle as it exits the ride-sharing pickup at San Francisco International Airport in San Francisco Feb. 3, 2022. (David Paul Morris/Bloomberg via Getty Images / Getty Images)
The New York Post first reported the ride-share company's hiring freeze.
Lyft previously said it would cut 60 workers, reduce its global operations team and shutter its car-rental business, the Wall Street Journal reported. At the end of June, the company employed 5,000, according to its most recent quarterly report.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LYFT | LYFT INC. | 17.17 | -0.19 | -1.09% |
In recent months, some companies have announced layoffs or hiring freezes or slowdowns amid fears of a potential recession.
HALF OF US COMPANIES PREPARING TO CUT JOBS, SURVEY SHOWS
The chief executive of Uber, a ride-hailing competitor of Lyft, said in an email to staff in May that the company would "treat hiring as a privilege and be deliberate about when and where we add headcount."
Lyft logo displayed on a phone screen is seen in this illustration photo taken in Krakow, Poland, July 8, 2021. (Jakub Porzycki/NurPhoto via Getty Images / Getty Images)
Snap Inc., Google, Meta, Netflix and Peloton are also among the numerous companies that have said they would reduce workforces or alter hiring efforts, FOX Business previously reported.
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According to the National Bureau of Economic Research, recessions are technically defined by two back-to-back quarters of negative economic growth characterized by slowing retail sales, high unemployment, falling income and low or negative GDP grown. The U.S. gross domestic product fell the first two quarters of 2022.