Friday, December 1, 2023

Snap plans to get over 20% of its employees

Snap still needs to figure out how to let go of 1,200 of its 6,400 employees or 20%.

Snap is already planning the layoffs for weeks, and some places are more affected than others. Then, it affects the people who make mini-apps and games for Snapchat. There are also fewer people working for Zenly, which Snap bought in 2017 but keeps running on its own.

The layoffs will also affect Snap’s hardware division, which makes the virtual reality Spectacles and the Pixy camera drone. Jeremi Gorman, who was CBO at Snap, is leaving to become head of marketing at Netflix. When asked about the layoffs, Snap spokesman Russ Caditz-Peck stayed quiet.

The huge number of layoffs doesn’t shock anyone. After its stock price dropped by more than 80% since January, Snap said in May it planned to cut back on hiring and other costs. The company use to have a bad second quarter and made no plans for the third. The outbreak led to SNAP hiring more employees than usual.

Snap continued to hire new people even after the virus is stopped. As of the end of the last quarter, now there are 6,446 full-time employees, up from 3,427 in March 2020. The company spent $500 million to buy WaveOptics in May 2021 to enable it to use WaveOptics as the AR display provider for its upcoming Spectacles.

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Snap’s business hasn’t recovered from the pandemic yet because of worries about the economy and Apple’s ban on ad monitoring across all iOS apps. Snap has 347 million daily active users, which is more than Twitter, but it has only turned a profit once since going public in 2017.

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