Lyft said no employee layoffs are planned and added it would grant special stock options to eligible employees. Shares of Lyft have tumbled nearly 61% this year amid broader declines in tech stocks and closed down 17.2% on Tuesday. Earlier this month, Uber's Chief Executive Officer Dara Khosrowshahi said the company would scale back hiring and reduce expenditure on its marketing and incentive activities.
Uber Technologies Inc has clinched a deal to integrate its ride-hailing app with Italy's largest taxi dispatcher as it seeks to boost its presence in the eurozone's third-largest economy, the company said on Tuesday. The move is part of Uber's strategy of working with established taxi operators, tapping into a recovery in demand after the pandemic-driven downturn. Under the agreement with IT Taxi, over 12,000 taxi drivers in Italy will have access to the Uber platform.
Yahoo Finance Live anchors discusses Uber Eats taking a swipe at GrubHub after its free lunch promo.