Snap Plans to Lay Off 20% of Employees in Cost-Cutting Drive
Snap Inc. SNAP 10.08%▲ is laying off 20% of its roughly 6,400 employees and shuttering several projects in the latest spending pullback by the social-media company that has been hit hard by upheaval in its core digital-advertising business.
The company, which runs the social-media app Snapchat and whose business primarily relies on digital advertising, on Wednesday said it has seen 8% revenue growth so far in the current quarter, lower than anticipated earlier in the year. Snap warned staff it may suffer a period of low revenue growth well into next year.