Snapchat’s parent company Snap is reportedly in the early stages of planning layoffs, according to two sources.
that according to two sources familiar with the situation, Snap is in the early stages of planning layoffs at the social media company. The planned cuts are coming shortly after the company delivered disappointing earnings results and failed to forecast earnings for the third quarter.following the earnings report. It is unclear how many of Snap’s more than 6,000 employees will be affected by the layoffs as managers across the firm attempt to plan which teams to cut.
A broader economic downturn also had a major effect on Snap’s stock prices and other cash-burning companies. Snap has only reported being profitable in one quarter since the company went public in 2017. Snap last laid off employees in 2018 when it was still being affected by the rollout of the company’s poorly executed redesign of Snapchat. Since then, the app’s user base has grown to 347 million daily users, surpassing other social media platforms like Twitter.
The company has struggled to build a profitable ad business and its attempts at selling hardware, such as Snap Spectacle and a $230 selfie drone, have not been profitable. In late May, Snap CEO Evan Spiegel told employees that the company would be sharply pulling back on hiring and “find additional cost savings.”
Snap isn’t the only tech firm making layoffs with companies such as Twitter, TikTok, and many others announcing employee cuts and paused hiring in recent months. Even Facebook has
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