Snapchat Intends To Lay Off Employees

The Verge reported on August 8 that Snap is in the early stages of contemplating layoffs. The extent of job losses is presently unknown because managers are still preparing it for their teams. Snapchat employs around 6,000 people. The news comes as technology corporations, cryptocurrency exchanges, and banking institutions shed employment and restrict recruiting as global economic growth slows owing to increased interest rates, raging inflation, and Europe's energy crisis.