Snap (SNAP) to Layoff 20% of Staff - The Verge

According to a report by The Verge late Tuesday, Snap (NYSE: SNAP) is preparing to let go approximately 20% of its more than 6,400 employees.

Citing people familiar with the matter, the report states that Snap has been planning the layoffs for the past several weeks. They are said to begin Wednesday, impacting some departments more severely than others, with the Verge saying the department working on methods for developers to build mini-apps and games inside Snapchat is one of those significantly impacted.

In addition, Zenly, which Snap acquired in 2017, will see big cuts, while Snap's hardware division will also experience layoffs.

Snap shares are down over 3% Tuesday following the news. The social media giant's stock has declined more than 86% in the last 12 months. The company faces significant competition from other apps such as TikTok and the fast-rising BeReal.

In May, the company said it would slow hiring and look to cut costs.

By Sam Boughedda

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