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Snapchat parent Snap is laying off 10 percent of employees
Snap is restructuring so you can now add Snaps, Snapchat social network to the list announcing layoffs -- about 529 employees.
Still, interestingly, the company mentions the Russian-Ukrainian war as one aspect of the employee reduction that we haven’t seen explained, and Snap didn’t specify the areas for the targeted layoffs. Snap stated it was doing so “to best position our business to execute on our highest priorities and to ensure we have the capacity to invest incrementally to support our growth over time.” The corporation will incur a one-time charge of $55 million to $75 million, mainly to cover the severance payments of the impacted employees. Other hardware initiatives, like a selfie Pixy drone, were abandoned almost immediately after its debut — and the augmented reality glasses weren’t even widely made available (even to those of us who tried to purchase them).
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