Snap Inc., the parent company of Snapchat, is reportedly gearing up for another round of layoffs, with around 150 employees expected to be affected. This move is part of a broader reorganization within Snap’s Augmented Reality (AR) division.
Key Points:
- Snap Inc. is reportedly considering another round of layoffs, primarily impacting employees in its Augmented Reality (AR) division.
- The company has not made an official announcement yet but is expected to provide details in the coming week.
- This would be the second round of layoffs for Snap, as the company laid off 20% of its workforce in August 2022 due to financial constraints.
- Despite financial challenges, the upcoming layoffs in the AR division signal a strategic reorganization rather than a retreat from AR strategies.
- Snap CEO Evan Spiegel’s 2022 layoffs aimed to adapt to slower revenue growth and market changes, affecting 20% of the workforce (1,280 employees).
- Snap reported Q2 2023 revenue of $1.07 billion, showing financial adjustments amid industry changes.
- In India, Snap celebrated 200 million monthly active users on Snapchat in May, with 120 million engaging in Stories and Spotlight content.
Snap Inc. is navigating challenges with financial constraints, leading to potential layoffs within its AR division. Despite these difficulties, the company remains committed to adapting and evolving in a rapidly changing market.