Snap planning to cut 20% of its workforce - report
Snap Inc.
$10.76
05:45 22/11/24
Snapchat parent Snap is reportedly planning to cut 20% of its workforce as it looks to cut costs.
According to The Verge, the layoffs - which Snap has been planning for the past several weeks - will begin on Wednesday and hit some departments harder than others.
For example, the team working on ways for developers to build mini apps and games inside Snapchat will be severely impacted, sources told The Verge. Social mapping app Zenly, which was bought by Snap in 2017, will also see deep cuts.
It was understood that another team that will see layoffs is Snap’s hardware division, which is responsible for its AR Spectacles glasses and the Pixy camera drone that was recently cancelled after being on sale for just a few months.
The company’s ad sales organisation is also being restructured with Jeremi Gorman, Snap’s chief business officer, departing to run ads for Netflix.
At 1030 BST, Snap shares were down 6.7% in pre-market trade at $9.34.