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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