Snap Fires Hundreds of Its Employees – Webtekno

The wave of layoffs in the technology sector, which started in 2023, continued unabated this year. In the last few months, thousands of people have been fired from many giant companies, from Google to Amazon, from Twitch to Discord, from Microsoft to Riot Games.

Now Snap, Snapchat’s parent company, has been added to these companies. US technology giant today’s total workforce that he will part ways with 10% announced.

Around 540 Snap employees worldwide will be laid off

The company announced that it had nearly 5,400 employees in the third quarter of 2023. this too 10% layoffs around 540 It means it will affect the employee. It was not shared which departments the people who would be laid off were from; However, it was stated that it included full-time people from around the world. Let’s add that this move will cost the company between 55 and 75 million dollars due to severance pay and other costs.

In the statement made to the US Securities and Exchange Commission (SEC) regarding the dismissal, the following statements were made: ““We have made the difficult decision to restructure our team to position our business to deliver on our priorities and ensure we have the capacity to make incremental investments that will support our growth over time.” Snap’in 20% of the workforce in August 2022, Let’s point out that he fired 1,300 employees.

This mass layoff is the company’s want to start cutting costs and making a profit It comes as part. It managed to increase its revenues in the third quarter. However, there was a decline in the two quarters before that. The financial report for the last quarter of 2023 will be published this week.

Snap was not very successful with its products other than Snapchat. Augmented reality glasses, for example, have never been widely available. In addition, his selfie drone named Pixy was not successful and he abandoned this product in just four months. Like Snapchat Plus, its subscriptions failed to grow as quickly as hoped. CEO Evan Spiegel is hopeful despite all this. The famous businessman says that they want to double the number of daily users by 17%, advertising revenue by 20%, and the number of Plus subscribers, which is currently 7 million, in 2024. We’ll have to wait and see if they can pull this off as things keep getting worse.

Other companies that laid off employees: