Snap wants to lay off 20 percent of employees

Snap plans to lay off about 20 percent of its more than 6,400 employees, The Verge reports.

Of laid off starting today and hitting some departments harder than others. The team working on building mini apps and games within Snapchat is being stripped down considerably. Zenly, a social mapping app that Snap bought in 2017, is also affected.

There are also layoffs at the hardware division, which is responsible for its ARSpectacles glasses and the Pixy camera drone. The company’s ad sales organization is also being restructured. Jeremi Gorman, Snap’s chief business officer, leaves for Netflix.

Russ Caditz-Peck, a Snap spokesperson, declined to comment on the layoffs.

Snap has lost nearly 80 percent of its value on the stock market since the beginning of this year, and the company announced back in May that it would be slowing down recruitment.

Source: Nieuws – Emerce by

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