The end of the pandemic-era tech boom and proliferation of historic inflation have forced the world's biggest companies to think hard about their next moves.
The Federal Reserve also spooked companies by hiking the interest rate in order to combat inflation, which sent investors fleeing from less-profitable companies.
"We regularly re-evaluate our talent pipeline according to our business needs and in light of the expense guidance given for this earnings period, we are slowing its growth accordingly," A spokesperson forin a statement in May. "However, we will continue to grow our workforce to ensure we focus on long term impact."
Snap CEO Evan Spiegel told employees that the company’s "most meaningful gains" in the coming months would result from "improved productivity from our existing team members" helping new team members, Bloomberg reported. that the company would treat it as a "privilege" for new employees to join the company.
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