Lyft shares tumbled in pre-market trading on Wednesday following The Post’s report that it had implemented a hiring freeze — and Uber wasn’t spared from the pain.
Shares of Lyft were down 3.2% while Uber had fallen 1.2% about an hour before the market was set to open on Wednesday morning. They inched higher closer to the bell.
The stock slumps came after The Post exclusively reported late Tuesday that Lyft was freezing all hiring until the end of 2022.
“Like many other companies navigating an uncertain economy, we are pausing hiring for all US-based roles through the end of the year,” Lyft spokesperson Ashley Adams said.
Uber said in May that it was slowing hiring and tightening its belt to weather an economic downturn, but has not announced a full hiring freeze. Nonetheless, Wall Street often evaluates Uber alongside Lyft since the companies have similar businesses.
In May, both Uber and Lyft announced plans to slow — but not freeze — hiring. Lyft also laid off several dozen employees in its car rental division in July.
Moves by the companies to trim corporate headcount do not affect drivers because the companies classify them as contractors rather than employees.