At present, more than 6,000 employees are working with Snapchat. The organization has refused to comment on this information when contacted by Reuters.
This development comes after IT companies, crypto exchanges and financial firms cut out jobs and slowdown the hiring process due to slow global economic growth caused by higher interest rates, rising inflation and an energy crisis in Europe.
Meanwhile, Facebook-owner Meta Platforms Inc plans to engineers by at least 30% this year, CEO Mark Zuckerbery had told L1N2YH27A employees in June as quoted by Reuters. He even warned them to be prepared for a deep economic downturn.
On the other hand, Snapchat CEO Evan Spiegel also told employees in a memo issued in May that the company will slowdown the hiring process for L2N2XF2NL this year and laid out a broad slate of problems.
Oracle Corp has already started to lay off employees in the United States according to various reports. The report also said layoffs in Canada, India and parts of Europe were expected in the coming weeks and months.
According to the Wall Street Journal, the job cuts principally hit staff at Oracle’s advertising and customer experience group, the people said. The group sells services to help clients analyze data about their customers and target advertising to those customers.
The company “decided to reorganize" the customer experience group “and move on," a former senior manager of sales engineering, whose position was cut, wrote on LinkedIn. In a separate post, another fired manager cited the restructuring for the job reductions. Some marketing positions were also cut, according to LinkedIn posts by a former senior manager and group vice president.
(With agencies inputs)
