Todd Spangler NY Digital Editor Snap is reportedly getting ready to make a major round of layoffs, as Snapchat advertising sales have hit turbulence.
The social messaging and media company is set to cut 20% of its workforce, with layoffs set to begin Wednesday, the Verge reported, citing anonymous sources.
A Snap spokesperson declined to comment. As of the end of June 2022, Snap had 6,446 full-time employees, up 38% year over year.
As part of the layoffs, Snap’s advertising group will be restructured, per the Verge report. That comes as Netflix just hired Snap’s two top ad execs — chief business officer Jeremi Gorman and VP of sales Peter Naylor — to lead advertising efforts as Netflix gears up to launch a cheaper, as-supported plan in 2023.
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