After Uber announced it would cut hiring and other spending due to the economic slowdown, rival Lyft says it is doing the same The Wall Street Journal. “Given the slower-than-expected recovery and the need to accelerate business leverage, we have made the difficult but important decision to significantly slow the rate of hiring in the US,” John Zimmer, president of Lyft, reportedly wrote in one Memo to staff.
No layoffs are planned. However, the decision means the company will prioritize fewer initiatives and not fill many currently open positions, instead focusing on critical roles that support its core ride business, the memo said.
Tech companies have been hit hard during the economic slowdown, with Amazon reporting its slowest growth in nearly 20 years and Snap’s shares falling 43 percent after reporting earnings yesterday. Lyft has been hit particularly hard after losing more than 60 percent of its value since early 2022, down 15 percent yesterday alone.
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