Snap CEO Evan Spiegel told employees Monday that the company would significantly slow hiring for the rest of the year after warning investors that its revenue wouldn’t grow as fast as expected.
“Like many companies, we continue to face rising inflation and interest rates, supply chain shortages and labor disruptions, platform policy changes, the impact of the war in Ukraine, and more,” Spiegel wrote in a memo to employees obtained by The Verge. He went on to say that Snap expects to report revenue below the low-end of the guidance it gave investors for the current quarter. That news was also disclosed in a filing with the SEC that sent Snap’s stock price cratering to a low it hasn’t seen since mid-2020.