Snapchat: The multi-media management instant messaging app may lay off its employees. Job cuts in the company are currently unspecific as the managers are still planning it for their teams. The messaging app company has more than 6,000 employees so far.
The aftermath came after various technology companies, financial corporations, and crypto exchanges started cutting jobs and slowed hiring as the global economic growth has slowed down because of high-interest rates, high inflation, and energy crises in the Europe.
Facebook owner Meta Platforms Inc also decides to cut plans to hire engineers to at least 30% by this year. Mark Zuckerberg, Facebook CEO had told L1N2YH27A employees in June and the CEO had also warned them to brace for a deep economic downturn.
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Evan Spiegal, CEO of Snap has also said 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. The company produced a serious picture of the effects of a weakening economy on social media that “incredibly challenging” conditions that have slid the company’s share down to 25%.