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Co-founder and CEO of Snap Inc. Evan Spiegel holds up a Pixy drone as he speaks during the Viva Technology conference dedicated to innovation and startups, at the Porte de Versailles exhibition center in Paris, France, June 17, 2022.
Benoit Tessier | Reuters
Snap has implemented a series of layoffs as part of a reorganization aimed at streamlining its social messaging company.
Nearly two dozen employees with product management titles were laid off, Snap said in a statement Wednesday. The layoffs were not targeted at any specific product and were part of the company’s plans to increase decision-making speed and reduce overhead, the company said.
Technology news publication The Information reported on the layoffs earlier on Wednesday.
The layoffs come after Snap recently reported third-quarter earnings, in which total revenue grew 5% year over year to $1.19 billion, exceeding analyst expectations.
But Snap, like its bigger rival Meta, also warned investors that it has observed some recent commercial breaks due to the current crisis in the Middle East. As a result, Snap said it would not provide official guidance “due to the unpredictable nature of war.”
Meta widened its targeting range as a result of the war between Israel and Hamas, with the company’s chief financial officer, Susan Li, telling analysts that it “observed softer advertising at the start of the fourth quarter, which correlated with the start of the conflict .”
Last summer, Snap said it would lay off 20% of its workforce, which at the time was more than 6,000 employees.
Snap said it currently has about 5,000 employees.
Watch: Senator Blumenthal and Senator Blackburn discuss the bipartisan Social Media Safety for Children Act
