Tech Times Aug 31 22
Snapchat Will Lay Off 20% Employees, Following the Decrease of Stock Price:
The lay off will start on Wednesday this week, reducing 20% of the 6 ...
techtimes.com/articles/279885/20220830/snapchat-layoffs-employees-stocks-decrease.htm
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Snapchat Reportedly Plans 20% Workforce CutsThe Verge says the reduction was due to begin Wednesday, affecting 20% of Snapchat’s 6,400 employees.
Key FactsAug 31, 2022 · Reading time: ~45 sec.
Summary created with AI assistance · Source: techtimes.com
Summary created with AI assistance · Source: techtimes.com
- According to The Verge, the layoffs were due to begin Wednesday and affect 20% of 6,400 employees.
- Teams working on Minis and Zenly, along with Snapchat’s hardware division, were expected to face the deepest reductions.
- Snapchat reportedly lost 80% of its value earlier in 2022.
- The departures of Jeremi Gorman and Peter Naylor were confirmed; according to AdAge, both are joining Netflix.
Moving forward, we will be taking steps to reprioritize our investments - continuing to invest across our business priorities, but in many cases doing so at a slower pace than we had planned given the operating environment.— Evan Spiegel, Chief Executive Officer of Snapchat, discussing the reprioritization of investments amid inflation, rising rates, supply chain issues, and labor disruptions.
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