Snap's (NYSE: SNAP) stock popped nearly 9% on Aug. 31 after the company announced that it would lay off about 1,200 employees, or approximately 20% of its workforce, as it grapples with a severe slowdown. Snap will discontinue its investments in its Snap Originals videos, its Minis mini-programs, its video games, and its Pixy selfie drone. In an internal memo, CEO Evan Spiegel said Snap's revenue had only risen about 8% year over year so far in the third quarter, which was "well below" its own expectations and would represent its slowest growth rate as a public company. Read More...
Snap’s (NYSE: SNAP) stock popped nearly 9% on Aug. 31 after the company announced that it would lay off about 1,200 employees, or approximately 20% of its workforce, as it grapples with a severe slowdown. Snap will discontinue its investments in its Snap Originals videos, its Minis mini-programs, its video games, and its Pixy selfie drone. In an internal memo, CEO Evan Spiegel said Snap’s revenue had only risen about 8% year over year so far in the third quarter, which was “well below” its own expectations and would represent its slowest growth rate as a public company.
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