Thndr Claps » U.S. Claps » Tech 📲 » Snap ramps up cost-cutting efforts 📱
The ClapSnap (NYSE: SNAP) will lay off 20% of its staff and shut down projects as economic pressure and high inflation put pressure on the company’s performance.The DeetsThe cost-cutting measures are expected to save the company $500 million annually. Snap added that it will direct its focus on improving sales and increasing the number of users.The clear action plan Snap set has provided reassurance to investors, who were increasingly skeptical after Snap warned that they could miss revenue targets in May.Why this MattersSnap’s stock increased by more than 8% following the news. While the cost-cutting measures should help mitigate the effects of economic pressures, slow revenue growth will push Snap to adapt to current market conditions.
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