Snap Working On plan to lay off employees amid fundamental problems:…

Snap Working On plan to lay off employees amid fundamental problems:…

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Snap, Inc. SNAPthe parent of Snapchatcould reportedly join a bevy of tech companies either slowing hiring or cutting jobs.

Santa Monica, California-based Snap is in the early stages of planning layoffs, The Verge reported citing people familiar with the matter. The number of employees to be cut isn’t clear yet, as managers across the company are still debating the scope of the cuts for their respective teams, she added.

Snap recently reported Second quarter results missed expectations in both the top and bottom rows. The company didn’t provide guidance for the third quarter, but implied earnings are likely to remain at second-quarter levels.

Related link: $1,000 Invested in SPY Now Is Worth This Much If It Meets Year-End Price Target: How Returns Compare To. Big techs

Before that CEO at the end of May Eve Spiegel warned of a slowdown in revenue growth and possible spending cuts, as well as a slowdown in hiring.

Snap previously laid off employees in 2018, hit by the negative reaction to a redesign of the Snapchat platform, Verge said.

The company has since steadily expanded its user base, it added.

At the end of the June quarter, Snapchat had 347 million daily active users.

Ad revenue has been affected by the economic slowdown, which has prompted advertisers to scale back their ad spend.

Price promotion: Snap closed Monday’s session up 2.26% at $10.41 Benzinga Pro data.



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