Lyft said Thursday it would lay off 13% of its workforce, or about 683 employees, in the ride-hailing firm’s latest cost-cutting step to cope with a weakening economy.

As decades-high inflation hits consumer spending and drives up costs for businesses, companies across sectors are cutting jobs and downsizing their operations to preserve profits.

Lyft’s latest move is expected to result in a charge of between $27 million and $32 million in the fourth quarter. It follows a hiring freeze earlier this year and 60 job cuts in July.

The company, which is slated to report third-quarter results on Monday, said the layoffs would not have an impact on its previously issued forecast for the period.

“The announced reduction in force is a proactive step as part of the company’s annual planning to ensure the company is set up to accelerate execution and deliver strong business results in Q4 of 2022 and in 2023,” Lyft said in a statement.