Snap, the parent company of Snapchat, is reportedly laying off 20 per cent of its workforce (around 1,280 employees), and the company's Chief Business Officer Jeremi Gorman is leaving to join Netflix.
According to a report in The Verge citing sources, the layoffs that started from Wednesday will hit some verticals harder than others.
Snap currently has more than 6,400 employees, which means nearly 1,280 employees will be shown the door.
The team working on mini apps and games inside Snapchat will be severely impacted, the report said late on Tuesday.
Another team that will see layoffs is Snap's hardware division, which is responsible for its AR Spectacles glasses and the Pixy camera drone.
The company declined to comment on the layoffs.
Snap's stock has tanked nearly 80 per cent since the beginning of this year.
Reports earlier surfaced that Snap was set to sack employees and was in early stages of planning layoffs.
The job cuts at Snap were coming after the company posted disastrous quarterly results (Q2) amid poor future forecast.
Snap suffered nearly $10 billion loss and its shares hit a new 52-week low over disappointing quarterly results last month.
The company reported a net loss of $422 million compared to $152 million in the prior year as it "substantially" reduced hiring.
Snap had earlier announced to slow down hiring this year.
--IANS
na/ksk/
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app