Lyft Inc. plans to sluggish hiring and lower prices in elements of the corporate because the ride-hailing large grapples with the turbulence hitting expertise shares.
President John Zimmer instructed staff on Tuesday that the corporate isn’t planning to put off employees, in line with spokeswoman Jodi Seth. And even because it reins in hiring, Lyft plans to present “eligible staff members” new inventory choices to account for declines within the firm’s share value.
“We’re centered on accelerating worthwhile development,” Seth mentioned in an announcement. “We’re additionally being accountable about prices and can considerably sluggish hiring.”
Lyft shares have fallen greater than 60% this yr. Its decline accelerated when the San Francisco-based firm indicated it might be ramping up spending on driver incentives to deal with a persistent labor scarcity.