The parent company of Snapchat, Snap, is set to lay off 20% of its employees in the latest restructuring program the company. While layoffs are not new, especially in the post-pandemic time when the economy is slowly recovering. The current Snapchat layoffs will affect some departments harder than others. Stay with me to know about Snapchat Layoffs and which verticals will get more affected by the layoff.
During a pandemic, Snapchat hired aggressively with a 38 percent increase in the number of employees. While Snapchat has so far made no comment on the layoffs but it is believed slow economic growth and recession have not let Snap fare well.
Snapchat to Lay Off 20% of Employees
Snapchat is set to lay off more than 1000 of its employees, which accounts for 20% of the strength of the total number of employees.
The departments which are set to get more affected by the layoff include hardware and developer products. This year hasn’t been particularly good for Snapchat as Snap’s stock price has lost nearly 80 percent of its value.
The ad sales organization is also being restructured after the Chief Business officer, Jeremi Gorman, announced his departure from the company and is set to join Netflix.
Departments Getting Affected By Snapchat Layoffs
In the major restructuring program, Snap is laying off its employees. While the whole company is being affected, some of the verticals will be hit more than others. The major departments include the hardware and developer products section.
Some of the major cuts will occur in the following departments;
- Zenly, a social mapping app, was acquired by Snap in 2017.
- AR Spectacles Glasses is a hardware division of Snap and is also set to see some major cuts.
- Pixy Camera Drone is another hardware division that was recently canceled after its sale for just a few months and will also see cuts in employment.
Internet Reacts to Snapchat Layoffs
Snap, the parent company of Snapchat, is set to lay off 20% of its employees, which is more than 1000 of its employees. To know more about Snapchat Layoffs and which verticals will get more affected by the layoffs, read the entire article and do share it with your friends!
Frequently Asked Questions
What are Snapchat layoffs in 2022?
In the major restructuring program, Snapchat is laying off 20% of its employees.
How many employees will be affected by Snapchat layoff?
More than 1000 employees will be affected by the layoff.
Why is Snap laying off its employees?
As Snap’s stock price has lost nearly 80 percent of its value and due to the recession, Snap is laying off its employees.