Snap Layoff: Snapchat-Parent To Lay Off 150 Employees From Augmented Reality Department As Part of Its Reorganisation Exercise
Snap CEO Evan Spiegel last year said the company was laying off 20 per cent of its workforce, roughly 1,280 employees from 6,400-strong headcount, as it "must face the consequences of lower revenue growth and adapt to the market environment".
San Francisco, September 27: Snap, the parent company of Snapchat, is reportedly planning to sack around 150 employees as part of its reorganisation exercise. According to The Verge, the latest job cuts are likely to happen in Snap’s augmented reality (AR) division. The company was yet to comment on the report, which claimed that Snap may share more details this week. “Even after laying off 20 per cent of employees in August 2022, Snap has yet to convince investors that it has the financial discipline to get to sustained profitability,” according to the report.
Snap CEO Evan Spiegel last year said the company was laying off 20 per cent of its workforce, roughly 1,280 employees from 6,400-strong headcount, as it "must face the consequences of lower revenue growth and adapt to the market environment". Snapchat’s parent company registered $1.07 billion in revenue during the second quarter (Q2) this year -- up from last quarter but a year-over-year dip. ChatGPT Developer OpenAI To Raise Funds At A Valuation of USD 80-90 Billion Via Sale of Existing Shares: Reports.
Snap saw its first revenue decline as a public company in Q1, marking a 7 per cent drop in sales from the previous year. On the Q3 outlook, the company said that daily active users (DAUs) will reach 405 million to 406 million in the third quarter. “From a revenue perspective, our business remains in a period of rapid transition as we work to improve our advertising platform, while forward visibility of advertising demand remains limited,” it said. EcoMap Technologies’ Founder Pava LaPere Found Dead in Her Baltimore Apartment; Homicide Investigation Underway.
In May this year, Snap announced the milestone of over 200 million monthly active Snapchatters in India with more than 120 million Indian Snapchatters watching content across Stories and Spotlight, the fourth and fifth tabs of the app.
(The above story first appeared on LatestLY on Sep 27, 2023 10:25 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).