Snap announced that it was cutting 20% of its workforce in a bid to contain costs — eliminating nearly 1,300 positions — and that the company was phasing out its original series efforts.
With the moves, Snap estimated that it will save $500 million in the annualized cash cost structure relative to the second quarter of 2022.
“Today we are restructuring our business to increase focus on our three strategic priorities: community growth, revenue growth, and augmented reality,” CEO Evan Spiegel said in a statement. “As a result, we are sunsetting several projects, reducing the size of our team by approximately 20%, and announcing the promotion of Jerry Hunter to Chief Operating Officer. Changes of this magnitude are always difficult, and we are focused on supporting our departing team members through this transition. We are deeply grateful for their many contributions to Snap.”
More to come.
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