Theo Wayt / New York Post:
Lyft says it is freezing all hiring in the US through the end of 2022 — Ride-sharing app Lyft is freezing all hiring in the US through the end of 2022, The Post has learned. — The news comes amid a broader economic slump that has sent Lyft’s stock tumbling 68% this year.
Preetika Rana / Wall Street Journal:
Lyft reports Q3 revenue up 22% YoY to $1.05B, riders up 7% YoY to 20.31M, vs. 21.3M est., and a $422.2M net loss, up from $99.7M YoY; the stock drops 10%+ — The number of people using the ride-sharing app grew less than analysts had been predicting — Uber, Lyft and the Crucial Challenge for Profitability in 2022
Wall Street Journal:
Sources: Lyft plans to cut 13% of its 4,000 employees, after previously cutting 60 people, or under 2% of its workforce, in July — Ride-hailing company to cut 13% of staff in second round of job cuts — Lyft Inc. LYFT -0.43%decrease; red down pointing triangle is cutting 13% of staff …
Kirsten Korosec / TechCrunch:
Lyft faces 17 lawsuits across 11 states from drivers and passengers accusing the company of failing to protect its users from sexual and physical assault — Lyft is facing a fresh batch of lawsuits from drivers and passengers who say they were sexually and physically assaulted during rides …
Sam Kim / Bloomberg:
South Korea’s trade ministry data shows its DRAM chip exports fell 24.7% YoY in August 2022, the biggest drop since 2019, indicating a deepening slump in demand — South Korea’s exports of its most lucrative memory chip fell by the most since 2019, indicating a deepening slump in technology demand central to global economic growth.
Karen Weise / New York Times:
In an email to recruiters, Amazon says it is freezing most corporate hiring in its retail business for the rest of 2022; AWS is not affected by the freeze — It is the latest tech company to pump the brakes on hiring amid growing economic concerns. — Amazon is freezing corporate hiring …
Sam Goldfarb / Wall Street Journal:
Coinbase’s stock has dropped 81% in 2022, taking its market cap down from $81B at its IPO to $11B, as the broader crypto market falters and investors lose faith — Prices of exchange’s bonds and stock reflect anxieties after collapse of rival FTX and sharp declines in bitcoin
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