Read the memo Snap CEO Evan Spiegel sent to employees about a hiring slowdown, and a 'further and faster' deterioration of the macro environment
The company had recently added many new workers, growing headcount by 52% in a year.Snap is the latest technology company totold staff in a memo obtained by Insider that, while the company will continue to fill some roles this year, there will be a considerable reduction in the pace of hiring.
Today we filed an 8-K, sharing that the macro environment has deteriorated further and faster than we anticipated when we issued our quarterly guidance last month. As a result, while our revenue continues to grow year-over-year, it is growing more slowly than we expected at this time. We believe it is now likely that we will report revenue and adjusted EBITDA below the low end of the guidance range we provided for this quarter.
Responsibly managing our expenses will allow us to invest through this period of time and emerge stronger as a business. Moving forward, we will be taking steps to reprioritize our investments – continuing to invest across our business priorities, but in many cases doing so at a slower pace than we had planned given the operating environment.We will slow our pace of hiring for unopened roles for the remainder of the year, as well as push some planned hiring into next year.
We will continue to backfill existing positions that become available as a result of attrition if those roles remain a high priority for our teams.
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