Snap collapses on the stock market after disappointing with its results and forecasts. Shares of the social network company Snapchat fall more than 30% after a new quarter of losses.
The company informed the SEC this Monday that it has made the decision to cut its global workforce by 10%. That means just over 500 layoffs, according to the latest workforce figures published by the company. The figures have not convinced the market and Snap shares, which had appreciated more than 40% in the last 12 months, have lost around a third of their value.