NEW: Snap is undergoing a major restructuring that includes a 20% reduction of its workforce and product pullbacks, its CEO told staff in a memo. The company has lost nearly 80% of its market value since 2022 began.
they were departing the company to run Netflix's new advertising business.: In the memo, Spiegel said the company would be laying off 20% of its staff, which would amount to over 1,200 employees.
In a regulatory filing published in conjunction with the memo, Snap said it anticipates $500 million in cost savings relative to Q2 2022 thanks to the new measures taken. Snapchat will continue to honor recent deals made to fund Snap Originals with various publishers, and it will also continue to support its flagship show, Good Luck America. It will halt most new investments in original shows.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tomatoes spill onto Interstate 80 after big rig crashes in Northern CaliforniaA big rig crashed and spilled its load of tomatoes on Interstate 80 in Vacaville on Monday, temporarily closing the highway, authorities said.
Read more »
Tucker Wiard, Film Editor on ‘Murphy Brown,’ ‘The Carol Burnett Show’ and ‘Alice,’ Dies at 80A five-time Emmy winner, he helped put a finishing touch on the finales of all three legendary CBS shows.
Read more »
Chicago to feature sunshine, 80-degree temps through the rest of the weekIt will be a bit warmer today with lots of sunshine and temps in the low to mid 80s.
Read more »
New Zealand college student survives 80-foot fall from Yosemite's Half DomeAnna Parsons, 21, broke bones throughout her body and had her left foot amputated, but it was 'nothing short of a miracle' that she survived, her sister said.
Read more »
Snap reportedly plans to lay off around a fifth of its employees | EngadgetThe company has been struggling this year, with its share price nosediving by 80 percent..
Read more »