This spring, with the digital ad market in turmoil, Snap was busy adding staff and launching new initiatives, including a camera drone and a content push for its “Originals” scripted videos with a series starring gymnast Simone Biles.
Now Snap is pulling back on its ambitions, announcing on Wednesday plans to slash a fifth of its workforce as part of a strategic reorientation that underlines just how sharply its fortunes have turned in the face of a series of challenges to its business. The social-media company said it is reining in investment on a range of areas, abandoning initiatives including its in-house “Originals” programming and—confirming an earlier report by The Wall Street Journal—grounding the drone project.
