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Snap says significant business rebuilding is coming and affirms it’s cutting 20% of staff

Snap says significant business rebuilding is coming and affirms it's cutting 20% of staff

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Snap confirmed reports it will cut 20% of its more than 6,000-person workforce and said it will scrap several projects, including its Pixy photo-taking drone and its lineup of Snap Originals premium shows.

Snapchat logo displayed on a phone screen is seen with a laptop in the background in this illustration photo taken in Krakow, Poland on August 10, 2022.

Evan Spiegel, Snap’s CEO, announced the moves in a memo Tuesday, and told employees the company needs to restructure its business to deal with its financial challenges. He said the company’s current year-over-year revenue growth rate for the quarter of 8% “is well below what we were expecting earlier this year.”

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