Snapchat's Parent Company to Lay off 1,280 Employees to 'Restructure' Business; Know Details

Last Updated: September 01, 2022, 17:59 ISTCalifornia, USSnapchat is the latest firm to lay off peopleSnap had earlier announced to slow down hiring this year amid a sustained loss reported in the last financial year.Snap, which is the parent company of social media platform Snapchat, is laying off 20 per cent of its employees. If the move is implemented, around 1,280 Snap employees, out of the total over-6,400 workforce, will be fired. Snap had earlier announced to slow down hiring this year amid a sustained loss reported in the last financial year. As per the company’s filing with the US Securities and Exchange Commission, “On August 31, 2022, we announced a plan to reduce our global headcount by approximately 20 per cent of our global full time employees. The headcount reduction is part of a broader strategic reprioritization by the company to focus on our top priorities, improve cost efficiencies, and drive toward profitability and positive free cash flow.” Snap’s stock has tanked nearly 80 per cent since the beginning of this year. According to a report by the Verge, Snap CEO Evan Spiegel in a memo on Wednesday said that the company was “restructuring our business to increase focus on our three…
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