Layoff is no surprise, 20% is a chunk though, 1280 people.
I admire their trying to make new hardware but its new drone, Pixy, was very underwhelming. Could have sub contracted that out or cobranded with existing maker and got a better, cheaper device.
Worth noting that Snap more than doubled its payroll since 2020 and is now at 6400+ employees. All the tech layoffs happening these days are a minor correction to the rampant overhiring which took place industry-wide since the start of the pandemic, very similar to stock market trends.
I am completely outside their normal user base, I've literally never had a snapchat account and don't use any social media.
However, when I heard about the concept it was something I immediately wanted, I have for some time wanted a drone which could be used for very adhoc simple selfie/group pics while traveling, something with basically the exact features snap was talking about when they announced it, unfortunately, as we all know, the actual implementation fell far short. Huge miss for them I think, the market for that could have been huge if executed properly.
People see these headlines and think that the job market is loosening. But growth tech is such a small percentage of overall employment, it effectively doesn't matter.
Only if big tech does layoffs is it meaningful for national employment numbers. Fed will have to go much harder to fix the broken job market
Are we forgetting reckless printing of money during 2020 and the purposeful lack of oversight (Small government! Down with regulations!) that resulted in basically looting of the treasury?
SNAP's market is dwindling, they have not been posting good quarterly reports, so this should come as no surprise to anyone why they're slashing this many jobs.
All part of the business of being publicly owned. If you can't sustain the growth then you better start trimming the fat.
>> Snap’s user base has continued to grow strongly — it has 347 million daily users, which is more than Twitter — but it has managed to turn a profit only once since it went public in 2017
Yeah, that will die off too. Many of us were trying to be mayors on FourSquare, but with time you realize the virtual accolades are a meaningless waste of time.
I'm literally going through my network on LinkedIn right now, making a list of people I know who currently work at Snap to send to my company's recruiters.
Recent experience with from COVID-related layoffs. No one I know spent more than 2 months on the market.
But also, stop being a know-it-all empiricism addict. just use your head. Snap is a company with a high-hiring bar and plenty of competition that's still hiring. Of course they'll be scooped up by competition, even if only to prevent them from going to competitors.
