Snapchat's parent company Snap is soon going to see massive layoffs. This has been claimed in the report of the English tech website The Verge, although there is currently no information regarding when this layoff will happen and how many people will be fired. However, there are about 6,000 employees in Snap. Snapchat declined to answer questions from Reuters on the report.
Snap isn't alone on the list of companies preparing to lay off. Many big technology companies, crypto exchange firms and financial firms are also on this list. Many big companies have also said that they are going to make new recruitment very less this year.
Facebook-owned Meta has also cut its hiring of engineers by at least 30 per cent this year. This information was given by Mark Zuckerberg himself, the CEO of Meta in June this year. He warned his employees to be prepared for a severe economic downturn.
Snap CEO Evan Spiegel told employees in a memo in May that the company was going to have fewer new jobs this year. He has also cautioned the employees about the effects of a weak economy. The company's stock has also seen a decline of 25 per cent. Reports suggest that the company is facing losses on several fronts.
Its loss nearly tripled to $422 million (about Rs 3,371 crore) in the just-concluded quarter, despite Snap's 13 per cent increase in its revenues, as the company said in a letter to its investors. I have said that he is not happy with the result.