US Snap, which operates the photo / video sharing application “Snapchat”, has revised its quarterly forecast downward, saying that the economy is worse than it was a month ago. The company’s stock price plummeted 31% in after- hours trading.
In the securities report, “(Since late April) the macroeconomic environment is deteriorating at a faster pace than expected. Therefore, sales and adjusted interest payments, taxes and profit before amortization (EBITDA) are our second. the lower limit of the quarterly guidance range. “
Evan Spiegel, CEO, said in a statement to employees that the pace of recruitment will slow this year: “Like many companies, inflation continues, rising interest rates, supply constraints and the labor market. We are facing turmoil, platform policy changes, the Ukrainian war, etc. “
Some of the planned employment will be postponed to next year, but it is still planned to hire more than 500 people by the end of the year.
Bernie Grady is a technology and business journalist who writes about trending topics in the world of technology, entertainment, and business. She has a keen eye for spotting new trends and loves to share her insights with her readers. Bernie has been writing professionally for over 10 years and has experience covering a wide range of topics. When she’s not writing, she enjoys spending time with her family and friends.