Snap, the parent company of social media Snapchat, is reportedly planning to reduce the number of their employees. Apparently, this policy is a step taken by the company after announcing a disappointing earnings report.
Information regarding the layoffs has been revealed by two people who are familiar with the plan. they say Snap is currently in the early stages of planning layoffs.
Furthermore, the plan for Termination of Employment (PHK) was carried out after the company announced the results of their disappointing business performance. In fact, in the report, Snap’s stock price was at an all-time low in the second quarter of 2022.
The parent company of the Snapchat app has more than 6,000 employees. However, it is not yet known how many Snapchat employees the company will lay off.
However, what is clear at this time is that managers from all teams in the company are still calculating the number of employees who will get laid off. Meanwhile, Russ Caditz-Peck, a spokesman for Snap, declined to comment on information about the company’s layoffs.
The Verge revealed, it seems Snap’s business is in a pretty difficult situation for two reasons. First, Apple has released a request tool to keep apps from tracking information, making it difficult for companies like Snap to track. Second, the reason for the massive economic slowdown is that the stock price of Snap and other companies has fallen.
For information, Snap is not the only technology company that has decided to lay off employees. Previously, Twitter, TikTok, and a number of other technology companies had announced layoffs or stopped hiring in recent months.