Highlights

  • Snapchat plans to hire 500 people this year versus 2,000 last year
  • Snap's CEO blamed the changing macro outlook

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Snapchat warns the picture is not looking good! slashes hiring and outlook

The social media company will also slow hiring through the end of the year

Twitter, Meta and now social media platform Snapchat is the latest in the tech bunch to warn of worsening outlook and advising 'tightening of expenses' as they reworked their guidance.

CEO Evan Spiegel warned in a note to employees that the company will miss its own targets for revenue and plans to pull back on hiring for the rest of the yearl Snap plans to hire 500 more people this year versus the 2,000 new people it hired over the past 12 months. In addition, Spiegel said managers have been asked to “review spending to find additional cost savings.”

Also read/watch| Zomato revenues grow 75%, losses widen 1.6x

Snap's CEO blamed the changing macro outlook which has hit many tech companies he stated "Like many companies, we continue to face rising inflation and interest rates, supply chain shortages and labor disruptions, platform policy changes, the impact of the war in Ukraine, and more."

Earlier this month Twitter CEO Parag Agrawal also expressed similar concerns to employees as he asked hiring to be slowed and expenses to be given a hard look.

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