Introduction:
Snap said that a small number of Snap Confirms Small-Scale Layoffs affecting product management employees resulted from a staff restructure for the app developer. Even though Snap recently closed its enterprise services section after less than a year, the layoffs were unrelated to any product. Instead, the business informed TechCrunch that the Product team’s restructure was concentrated on cutting layers and speeding up decision-making.
The Information and CNBC were the first to report on the reorganization. According to the former, Nima Khajehnouri, Snap’s vice president of engineering, will also be departing, effective December 1. Regarding the restructuring and departures, Snap declined to comment on the record.
We know the layoffs affected at most 20 positions inside Snap’s Product division. To put things in perspective, Snap is a big business with about 5,000 people. The company stated that, rather than having to lower headcount for financial reasons, their choice was related to concentrating resources and moving things along more quickly.
Snap Confirms Small-Scale Layoffs:
Snap Confirms Small-Scale Layoffs [Source of Image: Techcrunch.com]
Snap has been adding employees in various regions. Over the last three quarters, Snap has hired many technical personnel, including Eric Young, a former Google vice president of engineering, as its senior vice president. Darshan Kantak, a former Google vice president of search advertisements, is the company’s new SVP of revenue products. Reporting to Snap CEO Evan Spiegel are both positions.
Ajit Mohan, formerly the head of India at Meta, has been appointed as the President of APAC; Patrick Harris, previously the director of the U.K. at Google, is now the President of EMEA; and Patrick Harris, formerly the Vice President of Global Agency Sales at Meta, has been named President of the Americas.
During the latest quarter, Snap surpassed profit projections by disclosing adjusted earnings per share of 2 cents, outperforming the anticipated loss of 4 cents. The company’s revenue exceeded expectations, totaling $1.19 billion compared to the predicted $1.11 billion. Snap’s global daily active users totaled 406 million, slightly surpassing the predicted 405.7 million.
In response to these positive outcomes, Snap’s stock experienced an initial surge from $9.70 to $10.91. However, it subsequently retreated to $9.30 as investors responded to the company’s decision not to provide projections for the upcoming quarter, expressing concerns about the “onset of the Middle East war.” Presently, the stock is being traded at $11.30.
