Snap to slow hiring after dismal earnings pummel stock price

San Francisco: 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.

A hit with young internet users in its early days, ephemeral messaging app Snapchat has remained a small player in the social networking space as competition has grown ever more intense.