The social media platform is restructuring as advertisers worry about the economy.
Snapchat will lay off 20% of its staff and shut down a string of new projects.
Despite reducing spending in some areas, Snapchat must now "face the consequences of our lower revenue growth and adapt to the market environment," its CEO Evan Spiegel said. It means the jettisoning of projects like mobile games and Pixy, the small drone designed to take selfies.
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