The tech industry is currently having a very difficult time staying afloat. The lack of chips and the Coronavirus epidemic are not helping the situation at all; the world economy is in a horrible state. The parent firm of Snapchat is just another victim of this circumstance. According to insiders with knowledge of the situation (via The Verge ), Snap intends to fire 20% of its employees.
Not just Snap is known for dropping its staff like ballasts. Over the past several months, a number of other businesses, like Twitter, Netflix, Niantic, T-Mobile, and Verizon, have had to let go of a portion of their workforce, and this trend isn’t anticipated to change anytime soon.
SNAP intends to lay off a large portion of its workforce. Since this narrative is still evolving and has few details, it is difficult to say anything about it. According to insider information, the corporation will need to let go of 20% of its workforce, which is a sizable number of workers. Given that the company is anticipated to have 6,400 employees, this puts the approximate number of layoffs at 1,280. We’ll need to wait for further details from the business before we can confirm that, so don’t take it too seriously.
Advertisement Additionally, according to the sources, the layoffs will begin on Wednesday. Different departments are being impacted differently. We may anticipate that many employees working on lesser-important projects will be let go, but those responsible for the core of the program won’t be harmed.
Why is Snap laying off 20% of its employees? Well, its stock price is currently barely 20% of what it was at the start of the year. Yes, Snap’s stock has fallen a staggering 80% from the year’s beginning. This led to a slowdown in hiring at the company back in May.
As previously stated, this is a developing story, so we should keep a look out for any details from the corporation.