Snap says it will miss this quarter’s revenue goals and slow hiring

Snap CEO Evan Spiegel wrote in an internal memo that the company will miss its revenue goals for this quarter. Snap will also slow its pace of hiring, a tactic that companies like Meta and Uber have employed as a way to cut costs. Though Snap continues to grow year over year, Spiegel says that the company is growing more slowly than expected due to the overall economic environment.
Snap confirmed the contents of the memo to TechCrunch; the company also submitted an 8-K noting that it expects Q2 2022 revenue and adjusted EBITDA to fall below its expectations. Consistent with Spiegel’s com

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