Lyft, Inc (NASDAQ: LYFT) froze hiring in the U.S. through the end of the year.
The number of Lyft's full-time employees increased from 2,708 as of December 31, 2017, to 5,000 as of June 30, 2022, a regulatory filing shows.
Lyft said its costs jumped 35.6% in its most recent quarter.
Several tech companies slashed headcount in recent months.
Lyft's larger rival Uber Technologies Inc (NYSE: UBER), also eased down hiring and cut marketing spending.
Lyft posted a record quarter in August on the back of soaring demand for rides and gains from its cost-cutting efforts.
However, Lyft warned that challenges would persist in the third quarter due to high insurance costs, macroeconomic uncertainty, and inflation.
Price Action: LYFT shares traded lower by 3.60% at $13.65 in the premarket on the last check Wednesday.
See more from Benzinga
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.