Snapchat is set to join the firing brigade as the social networking app is reportedly laying off staff after disappointing numbers.
The last time Snap did layoffs was in 2018 and currently has over 6000 employees and boasts of 347 million daily users of its popular disappearing photo and video app.
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According to reports, news comes after the company “recently delivered disappointing earning results” and its stock price plunged following its failure to publish forecast earnings for the third quarter.
Post the earnings Snap announced that co-founders Evan Spiegel and Bobby Murphy, the company’s CEO and CTO, will be paid $1 per year with no additional equity.
But that clearly was not adequate "It's currently unclear how many of Snap's more than 6,000 employees will be laid off, as managers across the company are still planning the full scope of the cuts for their teams," The Verge said in the report.
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Snap joins companies like Microsoft, Twitter, TikTok, Meta and Google who have either laid off employees or frozen new hirings amid the global economic downturn.