Lyft will discontinue a service line where it offered its cars for long-term rentals.Lucy Nicholson/Reuters
Lyft Inc said on Wednesday it was cutting about 60 jobs in its rental division as it tries to reorganize the business amid rising costs.
With inflation in the United States at levels not seen in four decades, a number of companies such as Microsoft Corp and Apple Inc have halted hiring and expansion plans in anticipation of a recession.
Lyft will discontinue a service line where it offered its cars for long-term rentals. Instead, the San Francisco, California-based company will offer rental cars through its partnerships with Sixt SE and The Hertz Corp, it said in an e-mailed statement to Reuters.
The Wall Street Journal first reported about the layoffs at Lyft. (https://on.wsj.com/3aQRH86)
The move comes about two months after Lyft said it would slowdown hiring and assess budget cuts in some departments.
Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.