Snap declined to comment when contacted by Reuters.
Snap Inc. is in the early stages of planning layoffs, citing people familiar with the plan, The Verge reported on Monday.
The scope for the job cuts is unclear at the moment 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 growth comes as technology companies, crypto exchanges and financial firms cut jobs and slow recruitment as global economic growth slows due to high interest rates, red-hot inflation and an energy crisis in Europe.
Facebook owner Meta Platforms Inc. will cut plans to hire engineers by at least 30% this year, CEO Mark Zuckerberg told L1N2YH27A employees in June, and he warned them to be prepared for a deep economic downturn. was given.
Snap CEO Evan Spiegel told employees in a memo in May that the company would slow down L2N2XF2NL’s hiring for this year and created a wide slate of problems.
Last month, the company painted a grim picture of the effects of a weakening economy on social media L1N2Z22MN and declined to forecast under “incredibly challenging” conditions, sending its shares down 25%.
(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)