Snap Planning To Lay Off Employees: Report

The scope of the job cuts is currently unclear as managers are still planning it for their teams, the report said.

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.