Snap CEO Evan Spiegel says the company plans to lay off ~1,000 full-time employees, or 16% of its global workforce, to cut costs and achieve profitability
Bloomberg Alexandra S. Levine
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Discussion
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@markpinc
Mark Pincus
on x
Great start on $SNAP . I know it hurts to cut staff. But this shows the leverage in their business if they choose to unlock it.
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@stocksavvyshay
Shay Boloor
on x
$SNAP spent a historic bull market proving that user growth without real monetization leverage doesn't matter. Being down over 90% in an environment like this is pretty hard to do.
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@buccocapital
@buccocapital
on x
bro went to Coachella, ate some magic beans, and realized he needed to vaporize 20% of his company
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@wallstengine
@wallstengine
on x
$SNAP LAYS OFF 16% $500M+ annualized cost savings Targets Long term MAU of 1 Billion Q1 rev raised to ~$1.53B Q1 adj. EBITDA ~$233M vs prior $170M-$190M FY26 gross margin seen above 60% FY26 adj. opex cut to $2.75B from $3.0B
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@stocksavvyshay
Shay Boloor
on x
$SNAP is laying off ~16% of its workforce while guiding for ~$1.53B in Q1 revenue, ~$233M EBITDA and up to $130M in restructuring charges. Tough scene for morale when layoffs hit right after the CEO Evan Spiegel is having the time of his life at Coachella. [image]
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@anjneymidha
Anjney Midha
on x
compared to Snap, it's remarkable how much more durable Discord has remained as a business in the face of extraordinary macro shifts community > content
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@highyieldharry
@highyieldharry
on x
The last thing you see before big layoffs [image]
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Krystal Yoniak
Krystal Yoniak
on linkedin
Hi everyone! I was unfortunately impacted by the layoffs at Snap today. I'm seeking a new Operations role and would appreciate your support. …
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@carnage4life
Dare Obasanjo
on bluesky
The company behind Snapchat is laying off 1,000 workers (16% of its workforce) citing rapid advancements in AI which will save the company $500M per year. — Jack Dorsey's layoffs at Block were a new triggering event for tech layoffs similar to Elon's at Twitter in 2022.
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r/LosAngeles
r
on reddit
Snap to Cut 16% of Its Workforce in Quest for Profitability