Social media companies like Snapchat, Meta and Twitter have all struggled recently as the vast majority of their revenues are based on advertising. Snapchat will lay off 20% of its staff and shut down a string of new projects. Despite reducing spending in some areas, Snapchat must now “face the consequences of our lower revenue growth and adapt to the market environment. However, high inflation and a nervousness around the state of the global economy has left many advertisers reluctant to spend. Is the world on the verge of global recessions ?

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