(Reuters) – Lyft Inc is freezing all hiring in the United States through the end of the year, a company spokesperson said on Tuesday, making the ride-hailing firm the latest to pause recruitment as high inflation forces cost-cutting measures.

A broad sell-off in markets due to red-hot inflation and fears of a looming recession have crushed risky assets this year. As of Tuesday’s close, Lyft’s stock has dropped over 68% in 2022.

San Francisco, California-based Lyft said in July it was cutting about 60 jobs in its rental division.

Lyft posted a record quarter in August on the back of soaring demand for rides and gains from its cost-cutting efforts.

However, the company warned of challenges in the third quarter due to high insurance costs, macroeconomic uncertainty and inflation.

The hiring freeze plans were first reported by the New York Post.

(Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra Eluri)