Snap is slowing the pace of hiring, after bringing on hundreds of new employees recently
Other tech firms like Facebook, Twitter and Uber have recently implemented hiring freezes..
The social-media platform will continue hiring for open roles and back-filling existing positions. However, the company will slow down on recruiting for roles not currently open. Snap will also push some planned hiring into next year.obtained by Insider that revenue growth has slowed in the face of"rising inflation and interest rates, supply chain shortages and labor disruptions, platform policy changes, the impact of the war in Ukraine, and more.
"Our most meaningful gains over the coming months will come as a result of improved productivity from our existing team members, as we work together and help our new team members get to know Snap and learn how to contribute to their full potential," Speigel wrote. In a filing with the SEC around the same time, Snap warned that its revenue and adjusted profit would be less than anticipated just last month, saying"the macroeconomic environment has deteriorated further and faster than anticipated."
Snap's stock fell by more than 30% in after hours trading, to its lowest level since the outbreak of the pandemic.
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