Jobs have been cut, according to a report in The Verge
“It’s currently unclear how many of Snap’s more than 6,000 employees will be laid off as executives across the company are still planning the full scope of the cutbacks for their teams,” the report said late Monday.
The company has not yet commented on the report.
Snap joins companies like
Snap, Snapchat’s parent company, lost nearly $10 billion and its shares hit a new 52-week low last month on disappointing quarterly results.
The company reported a net loss of $422 million, compared to $152 million in the prior year as it “significantly” reduced hiring.
“We’re dealing with some very large and very sophisticated competitors (and) we’re seeing the overall ad pie growing more slowly amid the macro headwinds,”
In May, Snap announced that it was slowing recruitment this year.
CEO Evan Spiegel told employees the company plans to hire 500 people this year, up from 2,000 in the past 12 months, after warning investors that revenues would not grow as quickly as expected.
Like many other tech companies, Snap is still dealing with rising inflation and interest rates, supply chain shortages and labor disruptions, platform policy changes, the impact of the war in Ukraine, and more.
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