Snapchat’s parent company, Snap, is going to lay off 20% of its employees in the company’s latest restructuring program. Although layoffs are not new, especially in the post-pandemic time when the economy is slowly recovering. The current layoffs at Snapchat will hit some departments harder than others. Stay with me to know about Snapchat layoffs and which sectors are more affected by the layoff.
During a pandemic, Snapchat aggressively took on a 38 percent increase in its workforce. While Snapchat has so far not commented on the layoffs, it is believed that the sluggish economic growth and recession have not helped Snap.
Snapchat is firing 20% of its employees
Snapchat is set to lay off more than 1000 of its employeeswhich accounts for 20% of the strength of the total number of employees.
The departments that will be more affected by the layoffs include hardware and developer products. This year has not 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 its chief business officer, Jeremi Gorman, announced his departure from the company and will join Netflix.
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Departments Affected by Snapchat Layoffs
Snap is laying off its employees in the major restructuring program. While the entire business will be affected, some verticals will be more affected than others. The main departments include the hardware and developer products section.
Some of the major cuts will be in the following departments;
- Zenlya social map app, was acquired by Snap in 2017.
- AR Spectacles Glasses is a hardware division of Snap and will also undergo some major cuts.
- Pixy Camera Drone is another hardware division that was recently discontinued after selling for just a few months and will also be cut in employment.
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Snap, Snapchat’s parent company, is going to lay off 20% of its employees, which is more than 1000 of its employees. If you want to learn more about Snapchat layoffs and which industries are more affected by the layoffs, read the full article and 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’s layoff?
More than 1,000 workers are affected by the layoff.
Why is Snap firing its employees?
As Snap’s stock price has lost nearly 80 percent of its value and as a result of the recession, Snap is laying off its employees.