Lyft (NASDAQ:LYFT) stock is getting a boost on Wednesday after the ride-sharing company revealed a stop to hiring in the U.S. for the rest of the year.
A spokesperson for the company revealed that no new hires will be made as the company seeks ways to combat the recession. Not helping matters is increasing inflation, which is causing the company to consider more cost cutting.
Now investors will have to wait and see what else Lyft does to cut costs. While the company didn’t say anything about it, it’s possible it might have to lay off employees down the road. It already did so back in July and currently has a workforce of 3,000 people.
Lyft’s Comments on the Hiring Freeze
Here’s what a Lyft spokesperson told the New York Post about its hiring halt:
Like many other companies navigating an uncertain economy, we are pausing hiring for all U.S.-based roles through the end of the year.
LYFT stock isn’t seeing much activity today with only about 3 million shares changing hands. That’s still a ways off from its daily average trading volume of about 14.3 million shares. Even so, the company’s stock is up 1.6% on the hiring pause news. Also, the stock is down 67.7% since the start of the year.
Investors seeking out more of the hottest stock market news today are in luck!
InvestorPlace is home to all of the most recent stock coverage traders need to know about for Wednesday! Among that is what has shares of MindMed (NASDAQ:MNMD), Apple (NASDAQ:AAPL), and Ocugen (NASDAQ:OCGN) stock on the move. You can find all of this news at the following links!
More Stock Market News for Wednesday
- Why Is MindMed (MNMD) Stock Plunging 51% Today?
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- Why Is Ocugen (OCGN) Stock Up Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
