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Reading: Snap Hits Reverse After Expansion Drive, Cutting 20% of Staff
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The Wall Street Publication > Blog > Tech > Snap Hits Reverse After Expansion Drive, Cutting 20% of Staff
Tech

Snap Hits Reverse After Expansion Drive, Cutting 20% of Staff

Editorial Board Published August 31, 2022
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Snap Hits Reverse After Expansion Drive, Cutting 20% of Staff
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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.

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