social media platform Snapchat owns Snaphas been on the agenda recently as it has stopped many activities. After these steps, the company layoffs There were rumors that he would do it. In a statement today, Snap confirmed that there will be layoffs. Here are the details!
Snap cuts 20 percent of its workforce
Layoffs in technology and social media companies have become a very common occurrence lately. Especially with the further development of technology, the need for labor has decreased. The last company to join this movement was Snap. The company is taking steps to layoffs and stop important projects as a result of the cost crisis.
The company, which has more than 6,400 employees, has confirmed the claims about the layoffs. However, Snap 20% of the workforce reported that it will reduce This is about to 1300 people it corresponds. Snap CEO Evan Spiegelsaid the last three-month revenue growth of 8 percent was well below its expectations.
Snapchat shelved the project that it announced with great hopes
The Pixy drone developed by Snapchat has been shelved. The social media giant said it was experiencing financial problems.
At the same time, Spiegel added the following words to his statement: “While we have built substantial capital reserves and have worked hard to avoid shrinking the size of our team by reducing spending in other areas, we must face the consequences of our lower revenue growth and adapt to the market environment.”
The CEO also stated that they will continue to work to accelerate revenue growth. In addition, he emphasized that Snap’s long-term success must be ensured. In addition, Snap offers to employees who are laid off in the United States. four months’ compensation and to register with COBRA financial aid He says he will get it.
The CEO also states in his statement that there are three strategic priorities: growth, revenue growth and augmented reality. Pointing out that they went to restructuring to increase focus, he says that projects that do not contribute to these areas will be stopped. Allegedly, the company will save $ 500 million with these decisions.
So, what do you think about this vulnerability? Do you think Snap is right about the layoffs? Do not forget to share your views with us in the comments section!