https://www.cnbc.com/2022/08/30/snap-will-lay-off-20percent-of-staff.html

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Tech

Snap will lay off 20% of staff, report says

Published Tue, Aug 30 20223:49 PM EDTUpdated 3 Hours Ago
Jonathan Vanian@jonathanvanian
WATCH LIVE
Key Points

  * The layoffs will begin on Wednesday and affect certain
    departments including hardware and developer products.
  * Snap recently said it would withdraw guidance for the current
    quarter.

In this article

  * SNAP

Co-founder and CEO of Snap Inc. Evan Spiegel attends the Viva
Technology conference dedicated to innovation and startups, at the
Porte de Versailles exhibition center in Paris, France June 17, 2022.
Benoit Tessier | Reuters

Snap is laying off 20% of its workforce, which equates to over 1,000
employees, according to a report published Tuesday by the Verge.

The layoffs will begin on Wednesday, the report said, and will affect
certain departments including hardware and developer products.

Snap has had a difficult year, with the company most recently missing
on both revenue and earnings in the second quarter. In its Q2
investor letter on July 21, Snap said it would not provide guidance
for its current quarter and said "forward-looking visibility remains
incredibly challenging." 

Snap shares dropped more than 25% on the day it reported its second
quarter earnings. The company's disappointing results kickstarted a
wave of social media companies reporting poor results, citing a weak
online advertising market, among other reasons.

Facebook-parent Meta also missed analysts' estimates for its second
quarter, as did Pinterest.

The social media companies blamed some of their problems on
businesses cutting back on digital advertising because of the weak
economy. Additionally, these companies have said that a 2021 privacy
update to Apple's iOS has made it more difficult for them to track
users, thus negatively impacting their online ad units.

Earlier in August, Snap scrapped the development of its Pixy flying
camera drone, first announced in April.

Snap declined to comment on the report.

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