Snap shares plunged 30 percent in extended trading on Monday, after CEO Evan Spiegel warned in a note to employees that the company will miss its own targets for revenue and adjusted earnings in the current quarter. (CNBC)
Snap is slowing the pace of hiring, after bringing on hundreds of new employees recently. 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. (Insider)
CEO Evan Spiegel said Snap plans to hire 500 more people this year, versus the 2,000 new people it hired over the past 12 months. In addition, he said managers have been asked to “review spending to find additional cost savings.” (The Verge)
Snap benefited from a surge in usage of its Snapchat app during the pandemic, when people were looking for entertainment and connection from their homes. Now, as people return to offices and schools, the company is reeling from the same combination of economic pressures that are also facing its competitors. (Bloomberg)