NEWS
Snap plans to lay off approximately 20% of its workforce, over 1000 employees, as reported by The Verge.
According to the sources, the layoffs will begin on Wednesday and more severely impact some departments than others.
Both Snap's stock price and revenue fell this year.
During the pandemic, Snap aggressively hired, much like its other tech competitors.
With around 3,427 full-time employees as of March 2020, it had 6,446 by end of the last quarter, a 38% increase.
Poor economy, recession, and Apple’s iOS privacy update made it difficult to track users' activity can be the reasons to blame for the poor condition of the social media companies.
Snap declined to respond to the allegation.