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.
