Snapchat's Parent Company Lay Off – Indiatimes.com

Snapchat’s developer company Snap Inc. is reportedly planning to lay off around 20% of its nearly 6,500 employees following weeks of planning. Over 1,000 employees may be laid off in the process.Job cuts will begin today with the team working on Minis, small applications made by third-parties which run in the Snapchat app, affected the most, the report said. Zenly, the company Snap acquired in 2017 for social mapping, will also be affected by the workforce reduction, as per a report by The Verge, an American technology news website.It mentioned that Snap has had a difficult year, with the company most recently missing on both revenue and earnings in the second quarter. In its Q2 investor letter last month on July 21st 2022, Snap had said that it would not provide guidance for its current quarter and said “forward-looking visibility remains incredibly challenging.” As per Bloomberg report, Snap shares fell over 2.5% to $10.01 at the close in New York yesterday. The stock has plummeted nearly 79% this year as the company has faced a slowdown. Earlier on the day it reported its second quarter earnings in July 2022, Snap shares had dropped more than 25%. Snap had posted a $422 million…
Read More