San Francisco– Snap, the parent company of Snapchat, is slowing down on hiring this year, as tech companies’ stocks go through rough weathers amid challenging macro-economic environment globally.

Snap CEO Evan Spiegel told employees that the company plans to hire 500 people this year, versus 2,000 it hired over the past 12 months, after warning investors that its revenue wouldn’t grow as fast as expected, reports The Verge.

“We expect to hire more than 500 new team members between now and the end of the year, representing nearly 10 per cent company-wide headcount growth over the next seven months,” Spiegel was quoted as saying.

“This is in addition to over 900 offers already accepted this year, up 41 per cent year-over-year, and the roughly 2,000 people added to our team in the trailing 12 months,” he added.

Like many companies, Snap continues to face rising inflation and interest rates, supply chain shortages and labour disruptions, platform policy changes, the impact of the war in Ukraine, and more.

“As a result, while our revenue continues to grow year-over-year, it is growing more slowly than we expected at this time,” said the Snap CEO.

“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.”

The company will also evaluate the remainder of its 2022 budgets and leaders have been asked to review spending to find additional cost savings.

The Big Tech companies have seen big selloffs in the past couple of weeks after the Federal Reserve interest hike and Covid lockdowns in China. (IANS)