Snap Issues Profit Warning on Economic Conditions Including Inflation

Snap issued a profit warning Monday and said it planned to slow hiring and spending, adding to adjustments social-media companies are making to adapt to disruptions in the digital ad market.

The company said it is grappling with a range of issues, from rising inflation to Apple Inc.’s privacy policy changes to the impacts from the war in Ukraine and other factors. “There is a lot to deal with in the macro environment today,” Chief Executive Evan Spiegel said Monday at a JP Morgan Chase & Co. conference. Conditions have deteriorated “further and faster” than expected since the company issued its guidance for the current quarter, he said.