Snap confirms cutting 20pc of staff

SAN FRANCISCO, Aug 31 — Snapchat’s parent company confirmed today it is cutting 20 per cent of staff, as the troubled messaging app attempts to dig itself out amid competition and revenue woes, as well as recent quarterly losses.

“We must now face the consequences of our lower revenue growth and adapt to the market environment,” Snap CEO Evan Spiegel said in a note to employees today announcing the decision “to reduce the size of our team by approximately 20 per cent.” Restructuring, Spiegel said, would focus on “three strategic priorities: community growth, revenue growth and augmented reality” with unrelated projects to “be discontinued or receive substantially reduced investment.”

It also said it was “winding down” its standalone geolocation app Zenly and music creation app Voisey, which it acquired through takeovers.

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