Home Technology Snap plans to lay off employees amid economic downturn: report

Snap plans to lay off employees amid economic downturn: report

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Snap plans to lay off employees amid economic downturn: report

Snap Inc is in the early stages of planning for layoffs, The Verge reported Monday, citing people familiar with the plans.

The scope of the job cuts is currently unclear as managers are still planning them for their teams, the report said, adding that the Snapchat owner has more than 6,000 employees.

Snap declined to comment when contacted by Reuters.

The development comes as tech companies, crypto exchanges and financial firms cut jobs and slow hiring as global economic growth slows due to higher interest rates, runaway inflation and a slump. energy in Europe.

Facebook owner Meta Platforms Inc has cut plans to hire engineers by at least 30% this year, CEO Mark Zuckerberg told employees in June, and warned them to prepare for a deep economic downturn.

Snap CEO Evan Spiegel also told employees in a memo in May that the company would slow down hiring for this year and laid out a broad list of issues.

Last month, the company painted a grim picture of the effects of a weaker economy on social media and declined to make a forecast under “incredibly difficult” conditions, sending its shares tumbling 25%.

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