Ride-hailing firm Lyft freezes U.S. hiring as concerns grow

Online car company Lyft will freeze all hiring in the United States until the end of the year. Lyft is now joining as many companies in the U.S. are cutting costs due to inflation. By Tuesday's close, Lyft shares had fallen more than 68% this year.

Lyft's leasing division has laid off about 60 jobs in July. Lyft released its quarterly earnings report in August. Due to soaring demand and cost reductions, Lyft's performance in the second quarter hit a new record.

Lyft is not optimistic about the third quarter, due to increased insurance premiums, macroeconomic instability, and inflation, Lyft has issued a warning.