Snap Decides to Lay off 20% of Employees

US-based camera and social media company Snap Inc., which gathers famous brands such as Snapchat, Spectacles and Bitstrips under its roof. plans to lay off about 20% of its employees in order to cut costs.

happening in the world economic crisis continues to hit giant companies. Due to the fluctuations in the economy after the pandemic, many companies are going to downsize and many employees. to lay off had decided. Now one of these companies is the owner of the Snapchat application, which has millions of users. at Snap Inc. agrees.

Social media company Snap, after the economic problems experienced reduce costs to a certain extent to reduce the number of employees announced his decision. Snap’s CEO, Evan Spiegel, sent a message to the company’s employees that the company has decided to cut costs to avoid further losses due to the drop in revenue growth.

Snapchat and some apps will also experience changes

Spiegel, Snapchat Discover In addition to the snaps that appear in the (Explore) section, games and created by external developers mini apps in will remove explained. In addition, the company launched in April camera drone flying to your own cat Pixy will be withdrawn from the market. The company also lets you see where your friends are on a map. zenly It has been announced that the application and Voisey, a TikTok-like application purchased in 2020, will no longer be available.

The manager of the company announced that they have created significant capital reserves and reduced spending in other areas to avoid layoffs. However in revenue growth experienced you think Spiegel stated that they had to face these consequences afterwards. 6,400 the one which… worker number of 20% rate to reduce He said they had to.

Spiegel said that they continue to work on various activities to accelerate revenue growth again. At the same time, he stated that they went to restructuring to focus on 3 strategic priorities: growth, income increase and augmented reality, and announced that projects that do not directly contribute to these areas will be stopped and investments will be significantly reduced.

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After these decisions taken by Snap to reduce its costs, approximately 500 million dollars a saving expected to provide.

Source :
https://www.theverge.com/2022/8/31/23330123/snap-layoffs-announced-original-shows-canceled-games-mini-apps


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