Published 2 years ago

Snap plans to lay off 20 percent of employees

Summary by Ground News

Snapchat parent Snap Inc is planning to lay off about 20 per cent of its more than 6,400 employees starting Wednesday. Snap's hardware division, responsible for Spectacles and the Pixy camera drone, will be hit by the layoffs. The company's shares, which ended down 2.4 per cent on Tuesday, have lost nearly 79 per cent so far this year.

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Times of India

Snap top ad executives exit amid report on staff cut plans

Snap shares fell 4% in extended trading as Wall Street turns wary of the future of its advertising business, which brings in a large chunk of its revenue.

2 years ago·India

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Reuters

Snap restructures ad business amid worst sales growth rate in its history

By Sheila Dang - Snap Inc said on Wednesday revenue growth in the third quarter is running at the slowest rate in the company's history, as high inflation, rising interest rates and a deteriorating economy continues to ravage the advertising industry. As a result, the parent company of Snapchat said it will cut 20% of all staff, restructure its advertising sales unit and shut down

2 years ago·United Kingdom

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The Star Kuala Lumpur

Snap restructures ad business amid worst sales growth rate in its history

(Reuters) - Snap Inc said on Wednesday revenue growth in the third quarter is running at the slowest rate in the company's history, as high inflation, rising interest rates and a deteriorating economy continues to ravage the advertising industry.

2 years ago·Malaysia

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New York Post

Snapchat plans to ax more than 1,200 employees amid brutal stock slump: report

Snapchat parent Snap Inc. is planning to lay off about 20% of its workforce — or more than 1,200 employees — amid a brutal stock slump, according to a report on Tuesday.

2 years ago·New York, United States

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CNBC

Snap will lay off 20% of staff, report says

Snap has had a difficult year, with the company most recently missing on both revenues and earnings of its second-quarter earnings.

2 years ago·United States

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Channel News Asia

Snap plans to cut staff by 20%

:Snapchat parent Snap Inc is planning to lay off about 20 per cent of its more than 6,400 employees starting Wednesday, the Verge reported on Tuesday, citing people familiar with the matter. Snap's hardware division, responsible for Spectacles and the Pixy camera drone, its team working to help developers bui

2 years ago·Singapore

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