Snap layoffs looming; company mum | Tech News

Snap layoffs looming; company mum

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

By:REUTERS
| Updated on: Aug 09 2022, 22:46 IST
Snapchat
Snap, parent company of Snapchat, is planning to conduct mass layoff, as per reports. (AFP)
Snapchat
Snap, parent company of Snapchat, is planning to conduct mass layoff, as per reports. (AFP)

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

The scope of the job cuts is currently unclear as managers are still planning it 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 technology companies, crypto exchanges and financial firms cut jobs and slow hiring as global economic growth slows due to higher interest rates, red-hot inflation and an energy crisis in Europe.

Facebook-owner Meta Platforms Inc cut plans to hire engineers by at least 30% this year, CEO Mark Zuckerberg had told L1N2YH27A employees on June, and he warned them to brace for a deep economic downturn.

Snap CEO Evan Spiegel also told employees in a memo in May that the company will slow hiring L2N2XF2NL for this year and laid out a broad slate of problems.

Last month, the company painted a grim picture L1N2Z22MN of the effects of a weakening economy on social media and declined to make a forecast in "incredibly challenging" conditions, sending its shares down 25%.

Follow HT Tech for the latest tech news and reviews , also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. For our latest videos, subscribe to our YouTube channel.

First Published Date: 09 Aug, 22:46 IST
Tags:
NEXT ARTICLE BEGINS