Snap will cut 20% of its staff.
Snap Inc. Co-Founder & CEO Evan Spiegel speaks onstage during TechCrunch Disrupt San Francisco 2019 at Moscone Convention Center on October 04, 2019 in San Francisco, California.Snap will lay off around 20 percent of its workforce on Wednesday, according to a memo from Snap CEOsent to employees. The layoffs will see more than 1,200 employees cut, with the company expecting to save about $500 million.
Snap Originals are company-funded original programming. This year’s slate included programs from the D’Amelio family, and gymnast Simone Biles. The company says all programs that have already been ordered will run as planned. As a result, minis and games, the company’s standalone apps Voisey and Zenly, and hardware investment will be significantly reduced or cut entirely .
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