Snap Plans to Lay Off 20% of Employees in Cost-Cutting Drive

by | Aug 31, 2022 | Business

By Meghan BobrowskyUpdated Aug. 31, 2022 11:38 am ETListen to article(2 minutes)Snap is laying off 20% of its roughly 6,400 employees and shuttering several projects in the latest spending pullback by the social-media company that has been hit hard by upheaval in its core digital-advertising business. The company, which runs the social-media app Snapchat and whose business primarily relies on digital advertising, on Wednesday said it has seen 8% revenue growth so far in the current quarter, lower than earlier anticipated. Snap warned staff it may suffer a period of low revenue growth well into next year.

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