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Asharq Al-Awsat
Asharq Al-Awsat
Technology
Asharq Al-Awsat

Snap to Slow Hiring after Dismal Earnings Pummel Stock Price

SNAP Snapchat Jasmine Enberg Internet Meta Social Networking TikTok

Snapchat's owner plans to "substantially" slow recruitment after bleak results Thursday wiped 25 percent off the stock price of the tech firm, which is facing difficulties on several fronts.

Snap reported that its loss in the recently ended quarter nearly tripled to $422 million despite revenue increasing 13 percent under conditions "more challenging" than expected, AFP said.

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