Snapchat to cut a fifth of jobs - Fast2tech Snapchat to cut a fifth of jobs - Fast2tech

Snapchat to cut a fifth of jobs

As a result of the restructuring, which was anticipated following a year of subpar financial outcomes, around 1,200 staff would lose their employment. 

A year ago, the corporation had a $130 billion (112 billion) value. It is now only worth around $20 billion (£17 billion). 

According to Snapchat, the cost savings would amount to approximately $500 million (430 million). The company's CEO described the adjustments as "tough." 

Despite cutting back in some areas, Snapchat's CEO Evan Spiegel stated that the company must now

"face the repercussions of our weaker revenue growth and adjust to the market climate." 

Mr. Spiegel claimed he intended to direct attention toward the business's traditional source of revenue, advertising.

It entails abandoning initiatives like mobile game development and Pixy, a tiny drone created.