Lyft froze hiring by means of the top of 2022.
Hearst Newspapers by way of Getty Imag
Lyft shares tumbled in pre-market buying and selling on Wednesday following The Publish’s report that it had carried out a hiring freeze — and Uber wasn’t spared from the ache.
Shares of Lyft had been down 3.2% whereas Uber had fallen 1.2% about an hour earlier than the market was set to open on Wednesday morning. They inched larger nearer to the bell.
The inventory slumps got here after The Publish completely reported late Tuesday that Lyft was freezing all hiring till the top of 2022.
“Like many different corporations navigating an unsure economic system, we're pausing hiring for all US-based roles by means of the top of the yr,” Lyft spokesperson Ashley Adams stated.
Uber stated in Might that it was slowing hiring and tightening its belt to climate an financial downturn, however has not introduced a full hiring freeze. Nonetheless, Wall Road typically evaluates Uber alongside Lyft for the reason that corporations have comparable companies.
In Might, each Uber and Lyft introduced plans to sluggish — however not freeze — hiring. Lyft additionally laid off a number of dozen workers in its automotive rental division in July.
Strikes by the businesses to trim company headcount don't have an effect on drivers as a result of the businesses classify them as contractors fairly than workers.
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