Snapchat's parent company Snap slows down hiring process amid rising inflation rate, labour disruptions, and Ukraine
"We expect to hire more than 500 new team members between now and the end of the year, representing nearly 10 per cent company-wide headcount growth over the next seven months,"
"This is in addition to over 900 offers already accepted this year, up 41 per cent year-over-year, and the roughly 2,000 people added to our team in the trailing 12 months," he added.
Like many companies, Snap continues to face rising inflation and interest rates, supply chain shortages and labour disruptions, platform policy changes, the impact of the war in
"As a result, while our revenue continues to grow year-over-year, it is growing more slowly than we expected at this time," said the Snap CEO.
"We will slow our pace of hiring for unopened roles for the remainder of the year, as well as push some planned hiring into next year."
The company will also evaluate the remainder of its 2022 budgets and leaders have been asked to review spending to find additional cost savings.
The Big Tech companies have seen big selloffs in the past couple of weeks after the
Foreign investors have pulled out more money this year than they brought in between 2009-2021
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