Transport service company operating a mobile app and providing ride hailing services Lyft Inc. (LYFT) says it will slow down on its hiring operations and assess further budget cuts in some department. This move is similar to what its industry peer Uber Technologies Inc. (UBER) announced a few weeks ago.
“We’re also being responsible about costs and will significantly slow hiring,” said the Lyft.
The company says that no employee layoffs have been planned further adding that it will grant special stock options to eligible employees.
Less than two weeks ago, the chief executive of Uber Technologies, Dara Khosrowshahi announced they would be scaling down on hiring and further cutting down expenditure on their marketing and incentive activities.
The tech sector has been experiencing a major sell off this year, the shares of Lyft have declined by almost 61% since the year began.