Snap ‘planning to lay off 20% of staff’

Snap ‘planning to lay off 20% of staff’
News in brief

Snap is planning to lay off roughly a fifth of its staff following consecutive quarters of disappointing financial performance, according to a report by The Verge.

Snap currently employs around 6,400 people.

The cuts are reported to be broad, but are expected to hone in on Snap’s hardware division, which has built Snap’s augmented reality Spectacles and recently scrapped Pixy drone, as well as developer teams for its Minis feature and at Snap-owned Zenly.

Snap’s stock has declined over 78% year-to-date as the company underperformed revenue expectations in H1, and is down a further 6.7% in pre-market trading following the news.

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