Uber rival Lyft freezes all hirings amid economic instability

San Francisco, Sep 29 (IANS) Ride-hailing platform Lyft has announced to freeze all hirings amid the economic instability and recession fears.

The freeze affects all Lyft departments in the US and will last into next year, reports TechCrunch, as the world goes through tumultuous economic times.

"Like many other companies navigating an uncertain economy, we are pausing hiring for all US-based roles through the end of the year," a Lyft spokesperson was quoted as saying in the report.

The company has already cancelled job interviews this week.

Lyft's share price has nosedived more than 73 per cent this year.

Uber rival Lyft laid off at least 60 employees and shut its first-party car rental service in July, and it aimed to consolidate its global operations amid the macro-economic conditions.

Some staffers were given 30-day notice to leave the company.

Lyft also shut down its first-party car rental service it was running in five locations.

The ride-hailing platform said it will still offer third-party rentals in over 30 locations.

In an internal memo, Cal Lankton, vice president of fleet and global operations at Lyft, said that "our road to scaling first party rentals is long and challenging with significant uncertainty".

The company said it is going to continue working with big car-rental companies.