Snapchat may lay off 150 employees from its AR division
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San Francisco (Uttam Hindu News): Snapchat’s parent company Snap is reportedly planning to fire around 150 employees as part of its reorganization exercise. According to The Verge, the latest job cuts are likely to be in Snap’s augmented reality (AR) division. The company has not yet commented on the report, which claims that Snap may share more details this week.
“Even after laying off 20 percent of its workforce in August 2022, Snap has yet to convince investors that it has the financial discipline to achieve profits,” according to the report. Snap CEO Evan Spiegel said last year that the company was laying off 20 percent of its 6,400 workforce (about 1,280 employees) as it faces the consequences of lower revenue growth and adapts to the market environment.
Snapchat’s parent company reported revenue of $1.07 billion during the second quarter this year, up from the previous quarter but down year-over-year. The first quarter saw Snap’s first decline in revenue as a public company, with sales falling 7 percent compared to a year earlier.
On the outlook for the third quarter, the company said that the daily active users (DAU) will reach 405 million to 406 million in the third quarter. “From a revenue perspective, our business is in a period of rapid change as we work to improve our advertising platform, while visibility of ad demand remains limited,” he said.
In May this year, Snap announced the milestone of surpassing 200 million monthly active Snapchatters in India, with over 120 million Indian Snapchatters viewing content on the app’s fourth and fifth tabs, Stories and Spotlight.
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