{"id":317409,"date":"2022-09-01T11:08:46","date_gmt":"2022-09-01T11:08:46","guid":{"rendered":"https:\/\/www.mobileworldlive.com\/?p=353269"},"modified":"2022-09-01T11:08:46","modified_gmt":"2022-09-01T11:08:46","slug":"snap-axes-staff-projects-as-struggles-intensify","status":"publish","type":"post","link":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/2022\/09\/01\/snap-axes-staff-projects-as-struggles-intensify\/","title":{"rendered":"Snap axes staff, projects as struggles intensify"},"content":{"rendered":"

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\tSnap culled 20 per cent of its entire workforce as part of a wider restructuring that will result in the company shutting down a range of projects including mobile games, a consequence of a sharp downturn in its performance.<\/p>\n

In a statement, CEO Evan Spiegel said the company was restructuring its business to focus on three strategic priorities: community, revenue growth and augmented reality (AR).<\/p>\n

\u201cProjects that don\u2019t directly contribute to these areas will be discounted or receive substantially reduced investment,\u201d he added.<\/p>\n

To that effect, Snap will discontinue investments in mobile games, its drone selfie play Pixy, content offering Snap Originals and wind-down standalone applications Zenly and Voisey.<\/p>\n

In total, around 1,200 employees will lose their jobs, but Spiegel noted the size of the workforce will \u201cremain larger than it was at this time last year\u201d.<\/p>\n

The sweeping changes come as revenue growth continues to slow [1], on the back of advertising slumps, increased competition and effects of the broader economy. The company said it was expecting an 8 per cent revenue rise year-on-year in the current quarter, its slowest growth since its IPO in 2017.<\/p>\n

\u201cWe must now face the consequences of our lower revenue growth and adapt to the market environment,\u201d said Spiegel.<\/p>\n

[1] https:\/\/www.mobileworldlive.com\/apps\/news-apps\/snap-slashes-forecast-on-tough-conditions\/<\/p>\n\n

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Snap culled 20 per cent of its entire workforce as part of a wider restructuring …<\/p>\n

The post Snap axes staff, projects as struggles intensify<\/a> appeared first on Mobile World Live<\/a>.<\/p>\n<\/div>","protected":false},"author":247,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"slim_seo":{"title":"Snap axes staff, projects as struggles intensify - ITTeacherITFreelance.hk","description":"Snap culled 20 per cent of its entire workforce as part of a wider restructuring ... The post Snap axes staff, projects as struggles intensify appeared first on"},"footnotes":""},"categories":[8,21,7],"tags":[],"_links":{"self":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/317409"}],"collection":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/users\/247"}],"replies":[{"embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/comments?post=317409"}],"version-history":[{"count":2,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/317409\/revisions"}],"predecessor-version":[{"id":320375,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/317409\/revisions\/320375"}],"wp:attachment":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/media?parent=317409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/categories?post=317409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/tags?post=317409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}