Uber rival Lyft announced Thursday that it is cutting 683 jobs — 13 percent of its 4,000 employees — in an effort to cut costs. “We worked hard to cut costs this summer: we slowed and then froze hiring. cut costs; and discontinued less critical initiatives. However, Lyft needs to become leaner, which requires us to part with incredible team members,” Lyft co-founders Logan Green and John Zimmer said in a memo to staff. In a filing with the Securities and Exchange Commission, the ride-hailing company said the layoffs will cost it between $27 million and $32 million in restructuring fees and severance packages. The layoffs at Lyft, first reported by the Wall Street Journal, are the second round of cuts in recent months for the ride-hailing company. The company said it will sell its vehicle service business. The news came after payments group Stripe said it would cut around 14 percent of its workforce in order to prepare for “learning times”. The job losses and hiring freeze are a sign of how bleak economic conditions are forcing tech companies to cut costs and build buffers to counter a slowdown in consumer spending. Read more about the slowdown in technology here.