1200 employees to be fired in a snap? Snap CEO Evan Spiegel confirmed that the company is laying off 20 per cent of its workforce, roughly 1,280 employees as the company "must face the consequences of lower revenue growth and adapt to the market environment".
The job cuts at Snap were coming after the company posted disastrous quarterly results as it suffered nearly $10 billion loss and its shares hit a new 52-week low. The stock is down 80% already this year.
Snap is also reworking its business plans and veriticals. The firm has made the decision to discontinue investments in Snap Originals, Minis, Games, and Pixy, among other areas.