Snap to lay off one in five employees as losses mount
Snap CEO Evan Spiegel has confirmed layoffs at the struggling social media biz, telling employees in a letter that 20 percent of them will lose their jobs, mostly from teams working on one of the variety of projects it also plans to ax.
As a result of that slower growth, Spiegel said Snap was restructuring with a focus on what he called the company's three strategic priorities of growing its community, growing revenue, and augmented reality."Projects that don't directly contribute to these areas will be discontinued or receive substantially reduced investment," Spiegel said.
Additionally, the CEO said the company would discontinue its Snap Originals shows, HTML5 Snap Minis, Snap Games, social mapping app Zenly, and TikTok-esque music sharing app Voisey. Spiegel also mentioned the end of Snap's Pixy drone, which Snap hadSnap also announced that it was promoting SVP of Engineering Jerry Hunter to Chief Operating Officer effective immediately.
"We must ensure Snap's long-term success in any environment... and we have built our 2023 plan to generate free cash flow even in a low-growth scenario," Spiegel said. According to the CEO, the company's headcount would remain larger than it was at the same time last year., the layoffs are likely to affect some 1,300 people globally, and could save the biz as much as $500 million annually.It hasn't been a great year for Snap.
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