Snapchat’s parent company fires 20% of its employees

Published

2 years ago

August 31, 2022

Snapchat’s parent company Snap is planning to layoff 20% of its employees after a horror year for its share price

Snap’s stock price has declined by nearly 80 per cent this year, and now the company plans to axe more than a thousand jobs.

The layoffs have been planned for several weeks.

Areas of the company most likely to be targeted include Zenly, the social media app, which was bought by Snap in 2017.

The company’s Chief Business Officer is also out, moving across to Netflix to push its ad sales business.

In May the company warned it was looking for ways to cut costs, but then delivered a dismal earnings report for the second quarter.

The company has declined to comment.

Related Topics:snapchat social media Tech us

Up Next

Tech giants forced to hand over anti-abuse processes

Don't Miss

U.S. draws more battery and EV manufacturing

Ahron Young

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

Is GenerativeAI transforming education?

Published

1 day ago

May 3, 2024

ticker NEWS

Educators today are facing an uphill battle, so what’s the solution?

Today’s educators are passionate, but they’re up against diverse classrooms and outdated teaching methods.

In this episode, Trevor Furness, Chief Revenue Officer of Octopus B-I discuss their efforts to transform education. #funding futures

How AI is leveraging Amazon’s fast production

Published

2 days ago

May 2, 2024

Nathan Langridge

Amazon reported better-than-expected results for the last quarter, surpassing analysts’ estimates.

Amazon reported better-than-expected results for the last quarter, surpassing analysts’ estimates, driven by strong performance in its cloud computing and AI.

Ticker’s Ahron Young & Veronica Dudo discuss.

Tesla is slashing prices to stay competitive

Published

2 weeks ago

April 21, 2024

Reuters

Tesla cut the U.S. prices of its Model Y, Model X and Model S vehicles by $2,000 each, days after the first-quarter deliveries of the world’s most valuable automaker missed market expectations.

Elon Musk’s electric-vehicle (EV) maker lowered the prices for its Model Y base variant to $42,990, while the long-range and performance variants are now priced at $47,990 and $51,490, respectively, according to its website.

The basic version of the Model S now costs $72,990 and its plaid variant $87,990. The Model X base variant now costs $77,990 and its plaid variant is priced at $92,900.

Tesla North America also said in a post on X said it would end its referral program benefits in all markets after April 30.

Referral program allows buyers to get extra incentives through referrals from existing customers, a strategy long used by traditional automakers to boost sales.

Musk has postponed a planned trip to India where he was to meet Prime Minister Narendra Modi and announce plans to enter the South Asian market, Reuters reported on Saturday.

On Monday Reuters reported, citing an internal memo, that the EV maker was laying off more than 10% of its global workforce.

Earlier this month Reuters reported the EV maker had canceled a long-promised inexpensive car, expected to cost $25,000, that investors had been counting on to drive mass-market growth.

The EV maker reported this month that its global vehicle deliveries in the first quarter fell for the first time in nearly four years, as price cuts failed to stir demand.

Tesla is to report first-quarter earnings on Tuesday.