Lyft to slow hiring, assess cut budgets

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(Reuters) – Ride-hailing agency Lyft Inc mentioned on Tuesday it will slowdown hiring and assess finances cuts in some departments, becoming a member of rival Uber Technologies Inc in making an attempt to rein in prices.

Lyft mentioned no worker layoffs are deliberate and added it will grant particular inventory choices to eligible workers.

“We’re additionally being accountable about prices and can considerably slow hiring,” the corporate mentioned in a press release.

Shares of Lyft have tumbled almost 61% this yr amid broader declines in tech shares and closed down 17.2% on Tuesday.

Earlier this month, Uber’s Chief Executive Officer Dara Khosrowshahi mentioned the corporate would reduce hiring and scale back expenditure on its advertising and incentive actions.

(Reporting by Eva Mathews in Bengaluru; Editing by Amy Caren Daniel)



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