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The wave of layoffs in the technology sector, which started in 2023, continued unabated this year. In recent months, thousands of people have been laid off from many
The wave of layoffs in the technology sector, which started in 2023, continued unabated this year. In recent months, thousands of people have been laid off from many giant companies, from Google to Amazon, from Twitch to Discord, from Microsoft to Riot Games.
Now Snap, Snapchat’s parent company, has been added to these companies. The US tech giant’s current total workforce that he will say goodbye with 10% announced.
The company announced that it had nearly 5,400 employees in the third quarter of 2023. this too 10% laid off around 540 It means that it has consequences for the employee. It was not shared which departments the people who would be laid off came from; However, it was said to include full-time people from all over the world. Let’s add that this move will cost the company between $55 and $75 million due to severance and other costs.
In the statement to the U.S. Securities and Exchange Commission (SEC) regarding the dismissal, the following statements were made: ““We have made the difficult decision to restructure our team to position our business to deliver on our priorities and ensure we have the capacity to make incremental investments that will support our growth over time. ” Snaps 20% of the working population in August 2022, Let’s just point out that he fired 1,300 employees.
This mass layoff belongs to the company wants to start cutting costs and making profits It comes as part. The company managed to increase its sales in the third quarter. However, there was a decline in the two previous quarters. The financial report for the last quarter of 2023 will be published this week.
Snap was not very successful with its products other than Snapchat. Augmented reality glasses, for example, have never been widely available. Moreover, his selfie drone called Pixy was not a success and he abandoned this product in just four months. Like Snapchat Plus, subscriptions didn’t grow as quickly as hoped. Despite all this, CEO Evan Spiegel is hopeful. The well-known businessman says that by 2024 they want to double the number of daily users by 17%, advertising revenue by 20% and the number of Plus subscribers, which currently stands at 7 million. We’ll have to wait and see if they can pull this off as things keep getting worse.
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Source: Web Tekno
Alice Smith is a seasoned journalist and writer for Div Bracket. She has a keen sense of what’s important and is always on top of the latest trends. Alice provides in-depth coverage of the most talked-about news stories, delivering insightful and thought-provoking articles that keep her readers informed and engaged.
