Chuan Snap will join the wave of layoffs and is making a layoff plan.

Chuan Snap will join the wave of layoffs and is making a layoff plan.

It is said that Snap will join the wave of layoffs and is making a layoff plan. Snap recently announced its second-quarter earnings report and did not predict its third-quarter earnings report. The planned layoffs have begun. Chuan Snap will join the wave of layoffs and is making a layoff plan.

It is said that Snap will join the wave of layoffs and is making a layoff plan 1. According to informed sources, Snap (10.57, 0.4 1, 4.04%), an American social media giant, is making a layoff plan, which is still in its early stage. The specific scale of layoffs is not clear, because managers are still making plans for their own teams. The company currently has more than 6,000 employees.

As the global economic growth slows down due to rising interest rates, rising inflation and the European energy crisis, technology companies, password exchanges and financial companies are all laying off employees and slowing down recruitment.

In June this year, mark zuckerberg, CEO of Meta, facebook's parent company, told employees that the company would cut its recruitment plan for engineers by at least 30% this year and warned them to prepare for a severe economic recession.

Evans Pigl, CEO of Snap, also told employees in a memo in May that the company would slow down its recruitment this year and listed a series of problems.

Before the planned layoffs, the company's recent financial report failed to meet expectations, causing its share price to plummet to an all-time low. It is unclear how many of Snap's more than 6,000 employees will be fired, and the managers of the whole company are still planning all-round layoffs of their teams.

Snap spokesman Russ Caditz-Peck declined to comment.

The Verge speculates that Snap's business decline is mainly due to these two factors: First, Apple has put forward a hint of "asking the App not to track", and it is estimated that most iPhone users have chosen "Yes", which makes it more difficult for companies like Snap to effectively target them. The second factor is economic issues, especially the stock prices of Snap and other companies. Snap has been profitable for only one quarter since it went public on 20 17.

The company has been trying to establish its important advertising business. However, its attempts to sell hardware, such as the $230 self-timer drone, have not achieved good results.

Not only Snap, but also Twitter, Tik Tok and many other technology companies have announced layoffs or suspended recruitment in recent months. Even Meta, a bigger and more profitable social media competitor than Snap, has reduced recruitment.

According to The Verge, two people familiar with the matter revealed that Snap is in the early stage of layoffs. Snap spokesman Russ Caditz-Peck declined to comment.

Snap recently released its second-quarter earnings report and did not predict its third-quarter earnings. Planned layoffs have begun. The news brought its share price close to an all-time low. It is unclear how many of Snap's more than 6,000 employees will be fired, because the company's managers are still planning all-round layoffs for their teams.

TheVerge speculates that Snap's business has recently been affected in two main ways. First of all, Apple introduced the prompt of "Ask the application not to track", and it is estimated that most iPhone users have chosen "Yes", which makes it more difficult for companies like Snap to effectively target advertisements. The second factor is the economic recession, which has hit the share prices of Snap and other money-burning companies in particular. Snap has been profitable for only one quarter since it went public on 20 17.

It is reported that Snap's last layoff was in 20 18, when Snapchat was still in trouble due to its ineffective redesign and implementation. Since then, its user base has grown to 347 million users a day, surpassing Twitter.

But the company has been trying to build an important advertising business. It tried to sell hardware, such as a $230 selfie drone, but failed. In late May, evan spiegel, CEO of the company, told employees that the company would significantly reduce recruitment and planned to implement "more measures to increase revenue and reduce expenditure".

It is worth mentioning that Snap is not the only company that needs to lay off employees. In recent months, Twitter, Tik Tok and many other technology companies have either announced layoffs or suspended recruitment. Even Meta, Snap's bigger and more profitable competitor on social media, has slowed down the pace of recruitment and warned employees that the future will be difficult.

According to The Verge, Snap, which is actively entering the AR field, will start a wave of layoffs. Snap*** has 6,000 employees, but I'm not sure how many people will be affected.

The social media company announced its second-quarter earnings in July this year. As the performance was significantly lower than expected, the stock price plummeted by nearly 40%. Currently, a Snap spokesperson declined to comment.

According to reports, similar to Meta, Snap is currently mainly dragged down by two aspects: the first is Apple's privacy clause; The second is the increased risk of economic recession.

In fact, in order to get out of the predicament, Snap is actively exploring the hardware field, including AR and drones. Taking AR as an example, since 20021,Snap has successively acquired AR waveguide display manufacturers WaveOptics, LCoS, MicroLED manufacturer Compound Photonics, and brain-computer interface manufacturer NextMind. In addition, they also established the AR research team Snap Lab, which is responsible for AR technology innovation.

However, neither AR nor UAV has been successful, at least not yet. In late May this year, evan spiegel, CEO, said that the company would significantly reduce its recruitment and planned to introduce "more measures to increase revenue and reduce expenditure".

Of course, Snap is not the only one facing the crisis. Faced with the risk of economic recession, a series of technology companies such as Apple, Twitter and Meta have announced layoffs, slowed down or even suspended recruitment.

Snap's last crisis occurred in 20 18. At that time, the company not only lost talents, but also failed in product revision, resulting in a large number of users losing.