Here’s Snap CEO Evan Spiegel’s Internal Memo to Staff in Full
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Social media stocks were sent spiralling downward after Snap Inc. cut revenue and profit forecasts below the low end of its previous guidance. The company’s shares plunged 29%, which dragged down stocks of other social media companies reliant on advertising. Snap CEO Evan Spiegel sent staff an internal memo warning of a hiring slowdown in response to a “challenging macroeconomic environment.”
Here’s the memo, in full: