Snap Inc is in early stages of planning layoffs, the Verge reported on Monday, citing people familiar with the plans.
The scope of the job cuts is currently unclear as managers are still planning it for their teams, the report said, adding that the Snapchat-owner has more than 6,000 employees.
Snap declined to comment when contacted by Reuters.
The development comes as technology companies, crypto exchanges and financial firms cut jobs and slow hiring as global economic growth slows due to higher interest rates, red-hot inflation and an energy crisis in Europe.
Facebook-owner Meta Platforms Inc cut plans to hire engineers by at least 30% this year, CEO Mark Zuckerberg had told L1N2YH27A employees on June, and he warned them to brace for a deep economic downturn.
Snap CEO Evan Spiegel also told employees in a memo in May that the company will slow hiring L2N2XF2NL for this year and laid out a broad slate of problems.
Last month, the company painted a grim picture L1N2Z22MN of the effects of a weakening economy on social media and declined to make a forecast in "incredibly challenging" conditions, sending its shares down 25%.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
"We Are Reorganising...": Snapchat Parent Company To Lay Off 10% Of Its Staff Globally Facebook Parent Meta Plans Another Round of Job Cuts, May Lay Off Over 1,000 Employees: Report Snap Expects Lower Revenue in First Quarter Amid Increased Competition From TikTok, Lower Ad Demand AAP's 7 'Revdis' Ahead Of Delhi Polls: Electricity, Education, Water Amazon Employee Greets Friend At Wedding, Dies Of Cardiac Arrest Indian Student In US Accidentally Shoots Himself Dead While Celebrating Birthday Union Ministers Launch World Bank's 'Jobs At Your Doorstep' Report 'Can't Say Everything Parliament Did During Emergency Is Void': Top Court London Police Conduct "Controlled Explosion" Outside US Embassy Track Latest News Live on NDTV.com and get news updates from India and around the world.