Snap conducts a small round of layoffs to its product team
- Nearly 20 employees who held product management titles were laid off, Snap said in a statement on Wednesday.
- The layoffs come after Snap recently reported third-quarter earnings in which its overall sales grew 5% year-over-year to $1.19 billion, beating analyst expectations.
- Snap, like its larger rival Meta, also warned investors that it has observed some recent pauses in advertising due to the current crisis in the Middle East.
Snap has conducted a round of layoffs as part of a reorganization intended to streamline the social-messaging company.
Nearly 20 employees who held product management titles were laid off, Snap said in a statement on Wednesday. The layoffs were not centered on any specific product and were part of the company's plans to increase decision-making speed and reduce overhead, the company said.
Technology news publication The Information reported on the layoffs earlier on Wednesday.
The layoffs come after Snap recently reported third-quarter earnings in which its overall sales grew 5% year-over-year to $1.19 billion, beating analyst expectations.
But Snap, like its larger rival Meta, also warned investors that it has observed some recent pauses in advertising due to the current crisis in the Middle East. As a result, Snap said it would not provide official guidance "due to the unpredictable nature of war."
Meta widened its guidance range due to the Israel-Hamas war, with the company's chief financial officer Susan Li telling analysts that it "observed softer ads in the beginning of the fourth quarter, correlating with the start of the conflict."
Last summer, Snap said it would lay off 20% of its workforce that was, at the time, comprised of over 6,000 employees.
Snap said it currently has roughly 5,000 employees.
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