Lyft, Inc. looks to slow hiring, reducing some of its departments’ budgets and granting new stock options to some employees to make up for its share price fall, the Wall Street Journal reports.
Lyft joined rival Uber Technologies, Inc. in outlining cuts as investor optimism cooled on tech stocks.
Lyft looked to prioritize fewer initiatives, not filling many of the current open roles and focusing hiring on roles deemed critical like those that support its core rides business, the Journal reported.
Lyft did not plan any layoffs.
The ride-hailing companies have already battled a shortage of drivers, which has driven the fares higher.
Concerns about rising interest rates and the reversal of pandemic trends that bolstered tech revenues have hit the share prices.
Inflation, labor shortages, and supply-chain issues continue to wreak havoc on the sector following the pandemic recovery.
By Anusuya Lahiri
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