This spring, with the digital ad market in turmoil, Snap was busy adding staff and launching new initiatives, including a camera drone and a content push for its “Originals” scripted videos with a series starring gymnast Simone Biles. Now Snap is pulling back on its ambitions, announcing on Wednesday plans to slash a fifth of its workforce as part of a strategic reorientation that underlines just how sharply its fortunes have turned in the face of a series of challenges to its business. As it grapples with its lowest period of sales growth since going public, the Snapchat parent is emerging as one of the starkest examples of a tech company shifting from overdrive into reverse. Read More...
This spring, with the digital ad market in turmoil, Snap was busy adding staff and launching new initiatives, including a camera drone and a content push for its “Originals” scripted videos with a series starring gymnast Simone Biles. Now Snap is pulling back on its ambitions, announcing on Wednesday plans to slash a fifth of its workforce as part of a strategic reorientation that underlines just how sharply its fortunes have turned in the face of a series of challenges to its business. As it grapples with its lowest period of sales growth since going public, the Snapchat parent is emerging as one of the starkest examples of a tech company shifting from overdrive into reverse.
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