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Lyft to Slow Hiring and Cut Costs in Face of Market Volatility

App-Based Drivers Protest For Higher Wages
Photographer: Jeenah Moon/Bloomberg

Lyft Inc. plans to slow hiring and cut costs in parts of the company as the ride-hailing giant grapples with the turbulence hitting technology stocks. 

President John Zimmer told employees on Tuesday that the company isn’t planning to lay off staff, according to spokeswoman Jodi Seth. And even as it reins in hiring, Lyft plans to give “eligible team members” new stock options to account for declines in the company’s share price.