Louise Bernard 11:34 a.m., September 01, 2022
The social network will cut nearly 20% of its workforce.
In question: great financial difficulties following the slowdown in digital advertising, the main income of the application.
The positions cut mainly concern those created since the start of the pandemic.
The application to the little ghost is facing unprecedented financial difficulties.
After having suffered $ 422 million in losses in the second quarter of 2022, the social network has announced that it wants to lay off 1,200 people, or one in five employees.
Although the company has never been profitable since its creation in 2011, this year has been particularly difficult due to a slowdown in digital advertising.
To realize: the losses recorded by Snapchat last year were "only" 152 million, almost three times less than 2022.
With disappointing results, the application falls on the stock market
Some departments of the group are harder hit than others by this wave of layoffs.
This mainly concerns the positions created after 2020: the division in charge of the development of video games for the application, the social card and the hardware division of the group.
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In response to this information, the action of the social network fell by 2.53% at the end of the session on the New York Stock Exchange, Tuesday, August 30.
A paid offer to generate new income
Popularized by filters and stories - photos and videos only available 24 hours - Snapchat is still looking for its business model.
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