Snap, the parent company of Snapchat, will lay off 20% of its workforce, according to The Verge

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The technology sector is not experiencing its best moment. The lean times have returned and the first victims are beginning to appear. Many companies have already stopped hiring and are moving on to the next step: layoffs. Snap, the parent of Snapchat, is planning to ditch 20% of its workforce, according to TheVerge.

Snap currently has a workforce of 6,400 employees, so a reduction of the aforementioned percentage would translate to about 1,200 fewer people. The cut, however, would not affect all the company’s departments equally, but rather it would be concentrated mainly in four areas.

Snap prepares to lay off employees

During the last weeks, Snap would have been analyzing its current situation and planning the layoffs that would begin to materialize as soon as this Wednesday. The team working on a solution called Minis to attract game and app developers to Snapchat would be one of those affected.

An app that Snap bought in 2017, Zenly, will also be downsized. Finally, the company’s hardware division, that is, who is behind the Spectacles glasses and the recently canceled Pixy drone, and the sales department would also be affected by the restructuring plan that the Santa Monica company will launch. .

According to Bloomberg, Snap shares fell 2.5% on Tuesday after rumors of layoffs began to circulate. This scenario is added to a drop of 79% in 2022, since an announcement from earlier this year that it would hire fewer staff and look for ways to cut costs. Snap has not yet commented publicly on the layoff rumors.

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The news about this company comes in the midst of a complicated economic scenario. Many companies have realized that they have oversized staff, which has forced them to take measures, some even drastic. Meta, for example, lowered its hiring expectations and urged bosses to report employees for poor performance.

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The technology sector is not experiencing its best moment. The lean times have returned and the first victims are beginning…

The technology sector is not experiencing its best moment. The lean times have returned and the first victims are beginning…

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