Snapchat will reduce its staff by 20%
Snap cuts 20% of staff amid major restructuring
Today's morning announcement from Snap CEO Evan Spiegel
included a 20% personnel reduction as part of a bigger reorganisation.
Snap has endured months of financial hardship.
Spiegel predicted that the business would fall short of its revenue targets
for the second quarter of the year in a note to employees back in May.
Even while the company's quarterly sales of $1.11 billion was up 13% year over year,
it still fell well short of the 20% to 25% increase that it had previously projected.
According to Snap, laid-off workers in the US would receive four months
of replacement pay along with financial aid to sign up for COBRA.
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