Snap cutting 20% of staff as ad sales continue to dry up
2 years, 3 months ago

Snap cutting 20% of staff as ad sales continue to dry up

Associated Press  

— The parent company of social media platform Snapchat said Wednesday that it is letting go of 20% of its staff as it reorganizes and tries to reduce costs in the face of declining ad sales. In a letter to staff posted on Snap Inc.'s website, CEO Evan Spiegel said sales were not keeping up with earlier projections. Last fall, Snap said its ad sales were being hurt by a privacy crackdown that rolled out on Apple’s iPhones, which raised investor fears about the app’s potential for growth. On May 24, Snap shares lost nearly half their value, falling 43% after the company said in an SEC filing that the “macroeconomic environment has deteriorated further and faster than anticipated” and that it would not meet its own sales and profit targets in the period. Snap’s staff has grown to more than 5,600 employees in recent years and the company said even after laying off more than 1,000 people, its staff will be larger than it was a year ago.

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History of this topic

Snap shares see biggest drop in a year after holiday sales disappoint
10 months, 2 weeks ago

Snap shares see biggest drop in a year after holiday sales disappoint

LA Times  

Snap Inc. plunged by the most in more than a year Wednesday. Snap Inc. plunged by the most in more than a year after the Snapchat app owner reported lower-than-projected revenue over the peak holiday season, disappointing investors just a week after much-larger rival Meta Platforms Inc. posted its best sales growth in two years. Snapchat had 414 million daily …

Tech Layoffs: Snapchat Parent Firm Snap To Fire 10% Of Its Global Workforce
10 months, 2 weeks ago

Tech Layoffs: Snapchat Parent Firm Snap To Fire 10% Of Its Global Workforce

ABP News  

Snap, the parent company of the social media application Snapchat, announced on Monday that it would reduce its global workforce by approximately 528 employees, constituting 10 per cent of its total workforce, in an effort to “promote in-person collaboration.” This indicates that the trend of tech layoffs observed in 2023 may continue as tech companies navigate economic uncertainty thrown at …

Snapchat Layoff: The owner of Snapchat, is laying off about 10% of its global workforce
10 months, 2 weeks ago

Snapchat Layoff: The owner of Snapchat, is laying off about 10% of its global workforce

The Hindu  

The owner of Snapchat is cutting approximately 10% of its worldwide workforce, or about 530 employees, as the latest tech company to announce layoffs. Snap Inc. said in a regulatory filing that it currently estimates $55 million to $75 million in charges, mostly for severance and related costs. The Santa Monica, California-based company announced in August 2022 that it planned …

Why is Snapchat's parent company, Snap, cutting 10 per cent of its workforce?
10 months, 2 weeks ago

Why is Snapchat's parent company, Snap, cutting 10 per cent of its workforce?

India TV News  

Snapchat's parent company, Snap, revealed plans to let go of about 10 per cent of its global full-time workforce. The move comes after previous staff reductions, including a 20 per cent cut in 2022 and a 3 per cent reduction last year. The process of potential position eliminations in each country is subject to local laws and consultation requirements, possibly …

Snapchat layoffs: Snap Inc to fire 10% staff as social media copes with ad slump
10 months, 2 weeks ago

Snapchat layoffs: Snap Inc to fire 10% staff as social media copes with ad slump

Hindustan Times  

Snap Inc. is reducing its workforce by roughly 10% worldwide, joining the chorus of technology companies that have announced fresh rounds of cuts since the start of the year. Snapchat parent firm Snap Inc to lay off 10 percent staff The cuts are being made to “best position our business to execute on our highest priorities,” Snap said in a …

Snapchat parent Snap announces fresh layoffs, set to cut its global workforce by 10%
10 months, 2 weeks ago

Snapchat parent Snap announces fresh layoffs, set to cut its global workforce by 10%

Hindustan Times  

In a regulatory filing on Monday, Snap, the parent company of Snapchat, revealed that it plans to fire over 500 workers. The owner of Snapchat is cutting approximately 10% of its worldwide workforce, or about 528 employees, just the latest tech company to announce layoffs. With 5,367 full-time employees as per Snap's most recent headcount, the latest round of staff …

Snap, the owner of Snapchat, is laying off about 10% of its global workforce
10 months, 2 weeks ago

Snap, the owner of Snapchat, is laying off about 10% of its global workforce

Associated Press  

The owner of Snapchat is cutting approximately 10% of its worldwide workforce, or about 530 employees, the latest tech company to announce layoffs. Snap Inc. said in a regulatory filing that it currently estimates $55 million to $75 million in charges, mostly for severance and related costs. The Santa Monica, California-based company announced in August 2022 that it planned to …

Snap is cutting 10% of staff as social media cope with ad slump
10 months, 2 weeks ago

Snap is cutting 10% of staff as social media cope with ad slump

LA Times  

The owner of Snapchat is cutting approximately 10% of its worldwide workforce, or about 540 employees. Snap Inc. is reducing its workforce by roughly 10% worldwide, joining the chorus of technology companies that have announced fresh rounds of cuts since the start of the year. “The layoffs don’t bode well for the state of Snap’s business” ahead of its fourth-quarter …

Google, Snap results show popularity of short-form videos waning
1 year, 1 month ago

Google, Snap results show popularity of short-form videos waning

The Hindu  

If the third-quarter earnings of Google and Snap are anything to go by, short-form video content is starting to stagnate, a report by The Information stated. Snap, the parent company of multimedia instant messaging app Snapchat didn’t give the breakdown of the monthly active users of its short-form video feature Spotlight. During its second quarter earnings, the company had stated …

Snap to close AR division for enterprises months after launch
1 year, 2 months ago

Snap to close AR division for enterprises months after launch

The Hindu  

Snap Inc is shutting its division focused on making augmented reality services for businesses within months of its launch, as the ad-dependent social media company struggles in a tough economy. The closure of the division will result in about 170 job cuts, said Snap, which like other social media firms, has been facing the brunt of weak advertising spending from …

Snap's augmented reality section faces potential workforce reduction
1 year, 2 months ago

Snap's augmented reality section faces potential workforce reduction

India TV News  

Snapchat's parent company, Snap, is reportedly planning to lay off approximately 150 employees as part of a restructuring effort, primarily within its augmented reality division, according to sources. This decision follows Snap's move in August 2022, when it laid off 20 per cent of its workforce, amounting to roughly 1,280 employees out of a 6,400-strong workforce. At that time, Snap's …

Snap beats revenue and user estimates, offers softer Q3 outlook
1 year, 4 months ago

Snap beats revenue and user estimates, offers softer Q3 outlook

The Hindu  

Photo messaging app-owner Snap Inc. on Tuesday beat Wall Street targets for quarterly revenue and user growth, but gave weaker third quarter guidance than analysts had expected as it works to compete with tech giants for advertising dollars. Changes to its platform to adjust Earlier this year, Snap updated its machine learning model to serve more relevant promotions to users, …

Snap shares tank as inflation hurts ad spending
2 years, 2 months ago

Snap shares tank as inflation hurts ad spending

The Hindu  

Snap Inc. on Thursday posted its slowest revenue growth since going public five years ago as advertisers cut spending amid rising inflation and the war in Ukraine. The owner of photo messaging app Snapchat is the first of the major tech firms to report quarterly earnings, and the results cast a shadow for other platforms that rely on advertising revenue …

Snap shares tank 25% as inflation hits ad spend
2 years, 2 months ago

Snap shares tank 25% as inflation hits ad spend

Al Jazeera  

Snap lost $4bn of its market cap in after-hours trading as it posted its slowest revenue growth in five years. The owner of photo-messaging app Snapchat, Snap Inc, has posted its slowest revenue growth since going public five years ago as advertisers cut spending amid rising inflation and the war in Ukraine. Snap is the first of the big tech …

Microsoft fires nearly 1,000 employees, joins Apple & Snap in cost cut move
2 years, 2 months ago

Microsoft fires nearly 1,000 employees, joins Apple & Snap in cost cut move

Hindustan Times  

Technology giant Microsoft has reportedly fired nearly 1,000 employees across multiple divisions, joining the likes of Flipboard and Snap who have resorting to job cuts to contain slowdown. The creator of Windows in a statement to a US-based website Axios said like all companies it evaluates business priorities and make structural adjustments accordingly. Last month, social media behemoth Meta's chief …

Snap to cut 20% of staff, cancel Pixy, Zenly, Voisey projects in cost-cutting effort
2 years, 3 months ago

Snap to cut 20% of staff, cancel Pixy, Zenly, Voisey projects in cost-cutting effort

The Hindu  

Snap Inc. said on Wednesday it will lay off 20% of all staff and shut down projects, including mobile games and novelties like a flying drone camera, as high inflation and a deteriorating economy ravage the advertising industry. Shares in Santa Monica, California-based Snap closed down 2.5% at $10 on Tuesday after The Verge first reported Snap's plans for layoffs, …

Snap set to lay off 20% employees and here is the reason
2 years, 3 months ago

Snap set to lay off 20% employees and here is the reason

India TV News  

Snap, the parent company of Snapchat has been reportedly laying off 20 per cent of its workforce- which is around 1,280 employees, and the company's Chief Business Officer Jeremi Gorman is leaving to join Netflix. Also, some reports surfaced in the recent past which state that Snap was set to sack employees and was in the early stages of planning …

Snap plans to lay off employees, says The Verge
2 years, 4 months ago

Snap plans to lay off employees, says The Verge

The Hindu  

Snap Inc is in early stages of planning layoffs, the Verge reported on Monday, citing people familiar with the plans. The development comes as technology companies, crypto exchanges, and financial firms cut jobs and slow hiring as global economic growth slows due to higher interest rates, red-hot inflation and an energy crisis in Europe. Facebook-owner Meta Platforms Inc cut plans …

Snapchat is to lay off 6,000 employees and here is the reason
2 years, 4 months ago

Snapchat is to lay off 6,000 employees and here is the reason

India TV News  

With the move to join the league of tech giants which made news for laying off employees, now Snapchat, the photo-sharing platform is set to sack workers as the platform plans to enter the early stages of layoffs from the company. "It's currently unclear how many of Snap's more than 6,000 employees will be laid off, as managers across the …

Snap, Twitter spark new fears of broader advertising-market decline
2 years, 5 months ago

Snap, Twitter spark new fears of broader advertising-market decline

Live Mint  

Snap Inc. and Twitter Inc. partly blamed advertising-industry headwinds for their poor quarterly results this week, renewing concerns of a broader slowdown in the online-ad market as its largest players are getting ready to report next week. “We’re seeing the overall advertising pie grow at a slower rate," Derek Andersen, Snap’s chief financial officer, told analysts Thursday after the parent …

Twitter blames Musk, weak ad market for drop in revenue
2 years, 5 months ago

Twitter blames Musk, weak ad market for drop in revenue

The Hindu  

Twitter, which has sued Musk for dropping his offer to buy the company, said advertising revenue rose just 2% to $1.08 billion. The company's results come after Snapchat parent Snap Inc posted weak results and declined to make a forecast, citing "incredibly challenging" conditions as advertisers cut back on spending. Twitter and its peers, including Snap and Alphabet, saw an …

Snap Misses Revenue Targets as Growing Competition Slows Growth
2 years, 5 months ago

Snap Misses Revenue Targets as Growing Competition Slows Growth

News 18  

-Snap Inc missed second-quarter revenue targets on Thursday as record-high inflation and increasing competition from rival apps like TikTok hurt advertising demand, but it reported higher user growth than Wall Street had expected. Recent privacy changes on iPhones, macroeconomic challenges and increasing competition for advertising dollars all contributed to "substantially slowed" revenue growth, Snap said. Snap said revenue so far …

Snap’s report incinerates $80 billion in ad industry market cap
2 years, 5 months ago

Snap’s report incinerates $80 billion in ad industry market cap

The Hindu  

Facebook-owner Meta Platforms, Google-owner Alphabet, and other companies that sell online ads lost about $80 billion in combined stock market value on Thursday after Snap posted poor quarterly results and warned of an uncertain outlook. Slammed by a weakening economy, increased competition from TikTok, and recent privacy changes on iPhones, the Snapchat owner missed second-quarter revenue targets and warned that …

Snapchat Outpaces Facebook, Twitter In Terms Of Growth With 332 Million Daily Active Users
2 years, 8 months ago

Snapchat Outpaces Facebook, Twitter In Terms Of Growth With 332 Million Daily Active Users

News 18  

Social media platform Snapchat is growing faster than Facebook and Twitter and in its latest quarterly report, the platform said it grew its daily active users 18 per cent to 332 million. While Facebook had reported its first loss in the number of DAUs last quarter, Twitter’s monetizable DAUs grew only by 2 per cent in the US and 15 …

Snap warns inflation could hit growth, shares drop 10%
2 years, 8 months ago

Snap warns inflation could hit growth, shares drop 10%

The Hindu  

Snap Inc reported better-than-expected first-quarter user growth on Thursday while it missed expectations on revenue, as the parent company of Snapchat said supply-chain disruptions and the invasion of Ukraine hurt advertising demand. The company warned that inflation, labour shortages and other economic challenges may continue and predicted its revenue growth rate in the second quarter could be hurt. The Santa …

Snap stock soars 58% after posting profit for 1st time
2 years, 10 months ago

Snap stock soars 58% after posting profit for 1st time

Associated Press  

Investors are snapping up shares of Snap Inc. after the owner of the disappearing message platform Snapchat surprised Wall Street by posting a quarterly profit for the first time. The stock jump came Thursday after Facebook parent Meta saw its worst one-day stock price decline in its history, showing that while internet and social media companies are sometimes lumped together …

Snap shares drop 25% as revenue falls short
3 years, 2 months ago

Snap shares drop 25% as revenue falls short

The Hindu  

Snap Inc on Thursday fell short of Wall Street estimates for quarterly revenue as the company said privacy changes implemented by Apple Inc on iOS devices hurt the company's ability to target and measure its digital advertising, sending its shares down 25%. While the Apple privacy updates, which prevent digital advertisers from tracking iPhone users without their consent, were expected …

Snap’s stock drops as iPhone privacy controls pinch ad sales
3 years, 2 months ago

Snap’s stock drops as iPhone privacy controls pinch ad sales

Associated Press  

SANTA MONICA, Calif. — Snapchat’s corporate parent disclosed Thursday that its ad sales are being hurt by a privacy crackdown that rolled out on Apple’s iPhones earlier this year, raising investor fears that the app’s financial growth is going into a tailspin. The revelation in Snap Inc.'s third-quarter earnings report sparked a sell-off in after-hours trading that could foreshadow one …

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