![]() “We have also started the process of winding down the standalone applications Zenly and Voisey,” said the CEO. Snap has made the decision to discontinue investments in Snap Originals, Minis, Games, and Pixy, among other areas. “Projects that don’t directly contribute to these areas will be discontinued or receive substantially reduced investment,” he mentioned. Spiegel said that Snap is restructuring the business to increase focus on three strategic priorities: community growth, revenue growth, and augmented reality. Snap suffered nearly $10 billion loss and its shares hit a new 52-week low. The job cuts at Snap were coming after the company posted disastrous quarterly results (Q2) amid poor future forecast. Snap’s stock has tanked nearly 80 per cent since the beginning of this year. Overall, the size of our team will remain larger than it was at this time last year,” Spiegel said. “The extent of this reduction should substantially reduce the risk of ever having to do this again, while balancing our desire to invest in our long term future and reaccelerate our revenue growth. ![]()
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