Here’s Snap CEO Evan Spiegel’s internal memo to Staff- Read in Full

tech.hindustantimes.com:

Social media stocks were sent spiralling downward after Snap Inc. cut revenue and profit forecasts below the low end of its previous guidance. The company’s shares plunged 29%, which dragged down stocks of other social media companies reliant on advertising. Snap CEO Evan Spiegel sent staff an internal memo warning of a hiring slowdown in response to a “challenging macroeconomic environment.”

Team,

Thank you so much for your hard work executing through this challenging macroeconomic environment. 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.

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.

We believe that the progress we’ve made growing our revenue, combined with the strength of our balance sheet, has positioned us well for the current environment. The fundamentals of our business remain strong, our community is growing and engaged, and we are excited about the many opportunities ahead. As a result, 2022 remains a significant investment year for Snap, despite the ongoing market volatility.

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