Snap is laying off 20 percent of its workforce: Report
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Tech companies have slowed down hiring and slashing their workforce across the globe amid features of a looming economic downturn. For instance, Google, after announcing a slow down in hiring earlier this year, announced a complete hiring freeze last month. Similarly, Microsoft back in May announced that it was slowing down hiring in Office, Windows and Teams groups. Meta, on the other hand, said that it plans to steadily reduce the headcount growth over the next year. Now, word is that Snap is planning to follow the suit by lay off nearly one fifth of its workforce.
According to a report by The Verge, Snap Inc is planning to lay off around 20 percent of its nearly 6,446 employees. These lay offs will begin this Wednesday and cut across a range of departments from its ad sales teams to its hardware division. Furthermore, the report says that teams that will be severely impacted by this change are the teams working on ways for developers to build mini apps and games inside Snapchat and Zenly, the social mapping app that Snap Inc acquired back in 2017.
In addition to this, Snap Inc will also be laying off employees in its hardware division. This department designed and developed the company’s augment reality (AR) glasses dubbed as Spectacles and its recently launched then discontinued selfie drone dubbed as Pixy. The report also states that the company is also restructuring its ad-sales teams.
It is worth noting that while Snap did not confirm lay offs in its organisation, it did confirm that two of senior advertising executives have exited the company. As per a Reuters report, Snap Inc’s Chief Business Officer Jeremi Gorman its and Vice President of Ad Sales for the Americas Peter Naylor are leaving the company to Netflix. While Gorman will join Netflix as the President of Worldwide Sales, Naylor will be the Vice President of Advertising Sales starting September this year.
Notably, while the layoffs are significant for Snap, they are not entirely surprising as the company’s shares have lost nearly 39 percent since it posted results on July 21, which contributed to an 80 percent decline this year.
The post Snap is laying off 20 percent of its workforce: Report appeared first on BGR India.
<img src="" title="Snap is laying off 20 percent of its workforce: Report" />
Tech companies have slowed down hiring and slashing their workforce across the globe amid features of a looming economic downturn. For instance, Google, after announcing a slow down in hiring earlier this year, announced a complete hiring freeze last month. Similarly, Microsoft back in May announced that it was slowing down hiring in Office, Windows and Teams groups. Meta, on the other hand, said that it plans to steadily reduce the headcount growth over the next year. Now, word is that Snap is planning to follow the suit by lay off nearly one fifth of its workforce.
According to a report by The Verge, Snap Inc is planning to lay off around 20 percent of its nearly 6,446 employees. These lay offs will begin this Wednesday and cut across a range of departments from its ad sales teams to its hardware division. Furthermore, the report says that teams that will be severely impacted by this change are the teams working on ways for developers to build mini apps and games inside Snapchat and Zenly, the social mapping app that Snap Inc acquired back in 2017.
In addition to this, Snap Inc will also be laying off employees in its hardware division. This department designed and developed the company’s augment reality (AR) glasses dubbed as Spectacles and its recently launched then discontinued selfie drone dubbed as Pixy. The report also states that the company is also restructuring its ad-sales teams.
It is worth noting that while Snap did not confirm lay offs in its organisation, it did confirm that two of senior advertising executives have exited the company. As per a Reuters report, Snap Inc’s Chief Business Officer Jeremi Gorman its and Vice President of Ad Sales for the Americas Peter Naylor are leaving the company to Netflix. While Gorman will join Netflix as the President of Worldwide Sales, Naylor will be the Vice President of Advertising Sales starting September this year.
Notably, while the layoffs are significant for Snap, they are not entirely surprising as the company’s shares have lost nearly 39 percent since it posted results on July 21, which contributed to an 80 percent decline this year.
The post Snap is laying off 20 percent of its workforce: Report appeared first on BGR India.
<img src="” title=”Snap is laying off 20 percent of its workforce: Report” />
Tech companies have slowed down hiring and slashing their workforce across the globe amid features of a looming economic downturn. For instance, Google, after announcing a slow down in hiring earlier this year, announced a complete hiring freeze last month. Similarly, Microsoft back in May announced that it was slowing down hiring in Office, Windows and Teams groups. Meta, on the other hand, said that it plans to steadily reduce the headcount growth over the next year. Now, word is that Snap is planning to follow the suit by lay off nearly one fifth of its workforce.
According to a report by The Verge, Snap Inc is planning to lay off around 20 percent of its nearly 6,446 employees. These lay offs will begin this Wednesday and cut across a range of departments from its ad sales teams to its hardware division. Furthermore, the report says that teams that will be severely impacted by this change are the teams working on ways for developers to build mini apps and games inside Snapchat and Zenly, the social mapping app that Snap Inc acquired back in 2017.
In addition to this, Snap Inc will also be laying off employees in its hardware division. This department designed and developed the company’s augment reality (AR) glasses dubbed as Spectacles and its recently launched then discontinued selfie drone dubbed as Pixy. The report also states that the company is also restructuring its ad-sales teams.
It is worth noting that while Snap did not confirm lay offs in its organisation, it did confirm that two of senior advertising executives have exited the company. As per a Reuters report, Snap Inc’s Chief Business Officer Jeremi Gorman its and Vice President of Ad Sales for the Americas Peter Naylor are leaving the company to Netflix. While Gorman will join Netflix as the President of Worldwide Sales, Naylor will be the Vice President of Advertising Sales starting September this year.
Notably, while the layoffs are significant for Snap, they are not entirely surprising as the company’s shares have lost nearly 39 percent since it posted results on July 21, which contributed to an 80 percent decline this year.
The post Snap is laying off 20 percent of its workforce: Report appeared first on BGR India.
