Technology companies have had a difficult quarter in terms of capital flow, which has brought from freezing vacancies to personnel cuts.
Now Snap, Snapchat's parent, plans to lay off about 20% of its more than 6,400 employees starting Wednesday, the tech outlet reported.
The most affected division will be the one in charge of developing Snap's hardware, responsible for Spectacles and the Pixy camera drone.
According to the article, Snap was planning this downsizing earlier this month.
According to the article, Snap was planning this downsizing earlier this month.
With this, the Snapchat company joins the series of layoffs and freezing of vacancies experienced by several technology companies, who have pointed out that in addition to inflation and the economic crisis, the energy situation in Europe has also complicated their finances.
Snap declined to comment on the report, in a search conducted by Reuters.
Following the news, the company's shares closed down 2.4% on Tuesday, and have lost nearly 79% of their value so far this year.
