Snap Plans To Lay Off 20 Percent of Employees (theverge.com) 9
Snap is planning to lay off approximately 20 percent of its more than 6,400 employees, The Verge reported Tuesday, citing people familiar with the matter. From a report: The layoffs, which Snap has been planning for the past several weeks, will begin on Wednesday and hit some departments harder than others, the people said. For example, the team working on ways for developers to build mini apps and games inside Snapchat will be severely impacted. Zenly, the social mapping app Snap bought in 2017 and has since run separately, will also see deep cuts. Another team that will see layoffs is Snap's hardware division, which is responsible for Spectacles and the Pixy camera drone that was recently canceled after being on sale for just a few months.
Theranos (Score:2)
Apparently the CEO saw The Avengers.
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Indeed. Very generous of him to only lay off 20 percent instead of 50.
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I hate when the Avengers peddle scam blood testing. You won't get my DNA in your database Tony Stark!
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If they have any sense of humor at all, they will use Snap.
"Oh snap! You got no job, bitch!"
I would laugh at that if I had just lost my job. But that's just me.
what a burn rate! (Score:3)
. https://investor.snap.com/news... [snap.com]
that's just awful. No wonder the stock has tanked 80% this year.
6400 employees?! (Score:1)
How does Snap have 6400 employees? Can someone explain? Are most of them doing content moderation?
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Still running on dumb money from investors, which is drying up now. The federal reserve's deliberately-inflicted recession is causing people to be a lot pickier about the kind of ventures they will fund going forward. Putting money into the black hole that is Snap won't be happening nearly as much for a bit.
Snap has no real product, no profitability, no reasonable prospects for profitability, no future, and is not a real company at all. Within the next 2 years I see them either going bankrupt and dissolving