Snap Plans to Slash 20% of Staff in Cost-Cutting Drive

Snap Inc. is shedding 20% of its roughly 6,400 staff and shuttering a number of initiatives within the newest spending pullback by the social-media firm that has been hit arduous by upheaval in its core digital-advertising enterprise.

The corporate, which runs the social-media app Snapchat and whose enterprise primarily depends on digital promoting, on Wednesday stated it has seen 8% income progress up to now within the present quarter, decrease than earlier anticipated. Snap warned workers it might undergo a interval of low income progress nicely into subsequent 12 months.