Snapchat, the American multimedia instant messaging app, has reportedly laid off “nearly 20 product managers” in a move aimed at accelerating productivity, according to The Information.
This series of departures follows recent furloughs as part of the company’s ongoing reorganization efforts. While the scale of this reshuffling is smaller compared to last year when Snapchat let go of 1,300 employees, it underscores the company’s commitment to refining its organizational structure.
Also Read: Discover How to Recover a Lost Snapchat Streak.
A spokesperson from Snapchat informed Engadget that the job cuts were intended to streamline the decision-making process, targeting individuals positioned between lower-level employees and higher-level managers. Another potential motive for the layoffs is speculated to be a cost-cutting measure, redirecting resources toward the company’s “core priorities.”
Despite the layoffs, Snapchat reported a 5% increase in revenue during the third quarter of 2023, reaching $1.19 billion, marking the highest earnings in six months. However, the advertising business has not fully rebounded, and Snapchat cautioned investors about a decline in advertising activities across social networks, citing the influx of misinformation amid the ongoing war situation in the Middle East.
It’s worth noting that these job cuts are not expected to impact Snapchat’s products or features. The company remains focused on its strategic priorities while adapting to changes in the market and global events.
