In the most recent round of company reorganization, Snap, the parent company of Snapchat, plans to let go of 20% of its workforce. Layoffs are not uncommon, particularly now that the economy is slowly rebounding from the pandemic. Some departments will be more negatively impacted by the recent Snapchat layoffs than others. Stay with me to know about Snapchat Layoffs and which verticals will get more affected by the layoff.
In the midst of a pandemic, Snapchat aggressively increased the number of staff by 38%. Although Snapchat has not yet commented on the layoffs, it is thought that the recession and the poor economic growth have hindered Snap’s success.
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.
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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.
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Internet Reacts to Snapchat Layoffs
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Wrapping Up
The parent company of Snapchat, Snap, plans to fire more than 1000 workers, or 20% of its workforce. Read the entire article and feel free to share it with your friends to learn more about the Snapchat layoffs and which verticals will be most impacted.
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.