Right now, the tech community is really struggling to stay afloat. The global economy is in a bad place, and the chip shortage and Coronavirus pandemic are not helping things at all. Another casualty of this situation is Snapchat’s parent company. According to sources close to the matter (via The Verge), Snap is planning on laying off 20% of its staff.
Snap isn’t the only company dropping their employees like ballasts. Other companies like Twitter, Netflix, Niantic, T-Mobile, and Verizon had to lay off a chunk of their staff over the past couple of months, and this trend isn’t expected to end any time soon.
Snap is planning on laying off a lot of its staff
It’s hard to say much on this story, as it’s still developing and details are scarce. The inside baseball points to the company needing to drop 20% of its employees which is a solid chunk of personnel. Given that the company is expected to have about 6,400 employees, this places the number of people laid off in the vicinity of 1,280 people. We’ll need to wait for more information from the company before we can confirm that- take it with a grain of salt.
The sources also state that the layoffs are going to start on Wednesday. Some departments are getting hit harder than others. We can expect that a lot of staff working on less important projects will be dropped while people working on the core app will be unaffected.
Why is Snap cutting 20% of its staff? Well, its stock price is now only 20% of its value since the beginning of the year. That’s right, Snap’s stock dropped a whopping 80% since the start of the year. The company slowed its hiring back in May as a result of this.
As said before, this is still a developing story, so we’ll need to keep an eye out for more information from the company.
2022-08-31 15:06:49