Snap cuts 20% of staff amid major restructuring
Today's morning announcement from Snap CEO Evan Spiegel included a 20% personnel reduction as part of a bigger reorganisation.
For months, Snap has had financial difficulties.
Spiegel predicted in a May internal communication that the business would fall short of its second-quarter revenue targets.
despite the fact that quarterly revenue increased by 13% to $1.11 billion
The business drastically underperformed its earlier forecast of 20% to 25% growth.
Snap also promoted senior vice president of engineering Jerry Hunter to chief operating officer to focus on growth and revenue