snapchat layoff how many employees are at risk
Layoffs have increased in recent days. From startup to big companies, layoffs have affected employees. Snapchat, an American multimedia company, has also conducted layoffs this week. Many employees are at risk. What is the reason behind the latest layoff?
Snapchat parent company Snap has laid off employees this week. The company reportedly fired around 170 workers. The employees within Snap’s Augmented Reality (AR) division were affected by the recent round of layoffs.
Last August, Snapchat fired around 1,280 employees. Snapchat parent company Snap may conduct more layoffs in the future.
Evan Spiegel, co-founder and CEO of Snap Inc., announced significant layoffs last year. He took the decision because of the company’s slower revenue growth.
Reason behind the layoff
Snapchat said it planned layoffs because the development of generative artificial intelligence (AI) “made it harder for us to differentiate our offering.”
According to a report by The Verge, the recent layoffs were part of a larger reorganization process within Snap’s Augmented Reality (AR) division.
Who all are at risk?
Snapchat can fire more workers in the future. Snapchat’s parent company, Snap, may announce more layoffs in the coming months.
Workers at Snap’s Augmented Reality (AR) division might be at risk. Please note that the company has not yet made an official announcement about the future layoffs.
Reportedly, investors have expressed concerns over Snap’s ability to manage its finances effectively due to financial constraints. The company might lose money in the future.
The overall number of layoffs have increased in recent years. The layoffs have become common in recent months. Earlier this summer, over 65,000 workers were laid off from various companies.
Yellow Corp., an American transportation holding company; laid off nearly 30,000 workers. Last month, CVS Health laid off 5,000 workers. Walgreens laid off 400 workers, while Biogen laid off 1000 workers.
Major companies like KPMG and Goldman Sachs also laid off thousands of workers.