The avalanche of layoffs continues in Silicon Valley.
Latest announcement to date, that of Snap, the parent company of the social network Snapchat, which plans to cut 10% of its workforce, or around 500 people.
The company had already laid off 20% of its staff in the summer of 2022 (more than 1,200 people).
“
We are reorganizing our team to reduce middle management levels and promote collaboration ,
”
a Snap spokesperson said.
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Last spring, Evan Spiegel, who co-founded Snap in 2011, was pleased to have reached 750 million monthly users,
“
including the vast majority of 13-34
year olds in more than twenty countries
”
.
But the company, which essentially depends on advertising revenue, is still not profitable, unlike its rivals Facebook or TikTok.
Its products like Spotlight and its paid Snapchat+ subscription have not had the expected results.
As for its diversification into electronic equipment such as glasses…
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