According to people familiar with the preparations, Snap Inc is in the early phases of organizing layoffs.
The source stated that the Snapchat owner has more than 6,000 employees and that the extent of the job losses is still unknown as managers are still organizing them for their teams.
In response to the slowing of global economic growth brought on by increasing interest rates, soaring inflation, and a European energy crisis, technology companies, cryptocurrency exchanges, and financial institutions have been cutting staff and delaying recruiting.
CEO Mark Zuckerberg informed staff in June that Meta Platforms Inc (META.O), which is owned by Facebook, would be reducing its ambitions to hire engineers by at least 30% this year and cautioned them to prepare for a severe economic slump.
Additionally, Snap CEO Evan Spiegel informed staff in a memo distributed to employees in May that the company will reduce hiring this year and outlined a host of issues.
The company’s shares dropped 25% last month after it painted a bleak picture of how a faltering economy would affect social media and said it was too early to make predictions.
