Snap’s announcement comes amid a slowdown for tech start-ups, as venture capital funding has fallen and young companies have been cutting costs and laying off employees.
Snap, the maker of the messaging app Snapchat, said on Monday that it expected to miss its quarterly financial goals as it dealt with toughening economic conditions.
Evan Spiegel, Snap’s chief executive, said in an email to employees that the company was likely to miss its targets for revenue and adjusted profit in the second quarter. Snap would also slow its pace of hiring this year, though the company still expected to add around 500 employees, he said in the email, which was obtained by The New York Times.
“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,” Mr. Spiegel wrote.