Snap Layoffs
September 2023
Snap announced a layoff affecting 170 employees in September 2023. The company operates in the Consumer sector.
170
Sep 27, 2023
About
Snap, the parent company of Snapchat, laid off approximately 170 employees as part of winding down its AR Enterprise business. This decision, announced by CEO Evan Spiegel on September 27, 2023, was driven by the need for significant incremental investment to compete, the rise of generative AI making it harder to differentiate, and a strategic refocus on the core advertising business. While the exact percentage of total employees affected isn't specified here, the cuts are confined to this specific division. The company will continue supporting its broader AR platform and Sponsored AR advertising. This move reflects the challenges in the competitive tech and social media industry as companies streamline operations.
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