Lyft Inc. is slowing hiring, cutting budget and taking other action as its stock fell 17% on Tuesday, hitting a 52-week low and hovering near its all-time low .
President John Zimmer informed employees of the move Tuesday afternoon, company spokeswoman Jodi Seth confirmed. That includes giving “a special stock grant to qualified employees” but no layoffs, she said.
“We are focused on accelerating profitable growth and prioritizing the work within the company that contributes most to it,” Seth said. “We are also responsible about cost and we will slow down recruitment significantly.”
The ride-hailing company’s stock has been on a roller-coaster ride since it reported first-quarter results in early May. Lyft shares sank nearly 30% the day after executives issued a lower-than-expected forecast for the second quarter and said they intend to continue spending on driver incentives and marketing as they prepare to meet more demand.
Since then, the company’s shares have fallen eight out of 15 trading days, closing at $16.72 on Tuesday, from their all-time low of .
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05 on March 18, 2020. Lyft stock is on pace for its worst month on record and has declined about 61 percent so far this year, according to Dow Jones market data.
Cost-cutting moves by Lyft Announced by Uber.
Earlier this month, when Uber chief executive Dara Khosrowshahi Allegedly Emailed his employees and cited “seismic changes” in the stock market as the reason the company needed to react. Uber shares fell more than 9% on Tuesday, closing at $21.55, and are down nearly 49% to date.
Credit: www.marketwatch.com /