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Snap issues a warning about profits about economic conditions, including inflation

Binding on Monday issued a profit warning and said it plans to slow down hiring and spending, adding to adjustments social media companies are making to adapt to the downturn in the digital advertising market.

The company said it was battling a number of issues, from rising inflation to changes in Apple Inc.’s privacy policy. to the consequences of the war in Ukraine and other factors. “There are a lot of cases in the macro environment today,” the CEO said Evan Spiegel said Monday at the JP Morgan Chase & Co. conference. Conditions deteriorated “further and faster” than expected after the company released its instructions for the current quarter, he said.

Snap issues a warning about profits about economic conditions, including inflation

Source link Snap issues a warning about profits about economic conditions, including inflation

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