:Snap Inc said on Wednesday it will lay off 20 per cent of all staff and shut down projects, including mobile games and novelties like a flying drone camera, as high inflation and a deteriorating economy ravage the advertising industry.The cuts will help the company save an estimated $500 million in costs ann
:Snap Inc said on Wednesday it will lay off 20 per cent of all staff and shut down projects, including mobile games and novelties like a flying drone camera, as high inflation and a deteriorating economy ravage the advertising industry.Snap shares rose 15 per cent in morning trading, which reverberated across the sector. Shares in Facebook parent Meta Platforms Inc were up 5 per cent and Pinterest Inc rose 6 per cent.
Shares in Santa Monica, California-based Snap closed down 2.5 per cent at $10 on Tuesday after The Verge first reported Snap's plans for layoffs, and AdAge reported the departure of two top advertising executives. Two of Snap's top ad sales executives - Chief Business Officer Jeremi Gorman and Vice President of ad sales Peter Naylor - are leaving to join Netflix Inc and build the streaming service's ad business.
Senior vice president of engineering Jerry Hunter will be promoted to chief operating officer and will be responsible for improving coordination between engineering, ad sales and product teams, Spiegel said.
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