Worried about the fear of economic crisis, another company announced the layoff of hundreds of employees
San Francisco, August 31 (SO News/Agency) Snap, the parent company of Snapchat, is reportedly laying off 20 percent of its employees (around 1,280) and the company’s Chief Business Officer Jeremy Gorman is going to join Netflix. are Snap currently employs more than 6,400 employees. A report late Tuesday night said that this would adversely affect the team working on mini-apps and games within Snapchat. Another team that will see layoffs is Snap’s hardware division, which is responsible for its AR Spectrum Glass and Pixi camera drone.
The company has declined to comment on the layoffs. Shares of Snap have fallen nearly 80 percent since the start of the year. There were earlier reports that Snap was set to lay off employees and was in the early stages of a layoff plan.
Snap is facing job cuts after the company posted poor quarterly results (second quarter) amid fears of a bleak future. Snap lost nearly $10 billion and its shares hit a 52-week low last month after disappointing quarterly results. The company posted a loss of $42.2 million, compared with $15.2 million previously, after it announced a slowdown in hiring.
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