Lyft Inc. plans to slow hiring and cut costs in parts of the company as the ride-hailing giant grapples with the turbulence hitting technology stocks. 

President John Zimmer told employees on Tuesday that the company isn’t planning to lay off staff, according to spokeswoman Jodi Seth. And even as it reins in hiring, Lyft plans to give “eligible team members” new stock options to account for declines in the company’s share price.

“We’re focused on accelerating profitable growth,” Seth said in a statement. “We’re also being responsible about costs and will significantly slow hiring.”

Lyft shares have fallen more than 60 per cent this year. Its decline accelerated when the San Francisco-based company indicated it would be ramping up spending on driver incentives to cope with a persistent labor shortage.