Snap Cutting 20% of Workforce, Cutting Back costs

Snap Cutting 20% of Workforce, Cutting Back costs

Snapchat’s parent company is slashing staff and scaling back investments in straggling businesses, an attempt to rein in costs following a slowdown in ad revenue growth. Snap Inc. is cutting about 20% of its workforce, Chief Executive Officer Evan Spiegel said in an internal memo sent to staff Tuesday. The news sending the stock tumbling in the premarket. Abigail Doolittle reports on “Bloomberg the Open.”

You May Also Like

About the Author: admin