Snap confirms it's laying off around 1,300 employees
"Unfortunately, given our current lower rate of revenue growth, it has become clear that we must reduce our cost structure to avoid incurring significant ongoing losses," Snap CEO Evan Spiegel wrote in a letter to staff."While we have built substantial capital reserves, and have made extensive efforts to avoid reductions in the size of our team by reducing spend in other areas, we must now face the consequences of our lower revenue growth and adapt to the market environment.
Speigel noted that the company is restructuring around three pillars: community growth, revenue growth and."Projects that don’t directly contribute to these areas will be discontinued or receive substantially reduced investment," he added. Snap has been feeling the brunt of a broader economic slow down. Its share price has slumped by 80 percent this year . So far in 2022, the company's year-over-year revenue growth is eight percent, which Speigel said is"well below what we were expecting earlier this year." However, the
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