Companies from ride-sharing platforms to mighty Amazon are either shedding jobs or putting their hiring plans on hold as the U.S. economy slows.
Lyft said Thursday in a regulatory filing it is cutting 13% of its workforce, or almost 700 employees, as it moves to pare costs. The money-losing ride-hailing service has seen its sales shrink over the past year, while its shares have tumbled 67% in 2022.
Stripe, a provider of payments services, also announced layoffs on Thursday, saying it was cutting 14% of its workforce, or roughly 1,000 employees. In an email to employees posted on Stripe’s website, CEO Patrick Collison said the company is preparing for “leaner times” amid worsening economic conditions.
“We are facing stubborn inflation, energy shocks, higher interest rates, reduced investment budgets and sparser startup funding,” he wrote.
Stripe said it will offer a minimum of 14 weeks…
