Snap to cut 20% of staff and cancel some projects

📆 9/1/2022 10:53 AM
📰 RTEbusiness

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Analysts and investors have viewed Snap as an early indicator for trends affecting other social media platforms, as Snap is usually first to report quarterly earnings or provide business updates.

The company said it will focus on improving sales and the number of Snapchat users.

Revenue growth so far in the third quarter is up 8% from the previous year, which is"well below what we were expecting", chief executive Evan Spiegel wrote in a memo to workers. Gorman, a longtime advertising executive who previously worked at Amazon, was instrumental in building Snap's ad business, said Jasmine Enberg, principal analyst at research firm Insider Intelligence.

Senior vice president of engineering Jerry Hunter will be promoted to chief operating officer and will be responsible for improving coordination between engineering, ad sales and product teams, Spiegel said.

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