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Following this week’s layoffs, Snap’s stock tanks 30% after announcing Q4 earnings
Snap is not having a good quarter. Following this week's news that the company was laying off 10% of its workforce, amounting to hundreds of employees,
The Snapchat maker’s stock dropped by over 30% in after-hours trading as investors reacted to Snap’s underwhelming revenue figures, tepid user growth, and weak first-quarter guidance. The company has struggled to expand beyond its core app, with its hardware projects like Snap Spectacles and the Pixy drone largely failing to gain traction. Meanwhile, Snap’s efforts at offering its own AI chatbot have been hit or miss, with the bot’s mere presence angering some users at first, then delivering underwhelming results.
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