Snap Plans to Lay Off 20% of Employees in Cost-Cutting Drive

Snap is shedding 20% of its roughly 6,400 staff and shuttering a number of initiatives in the most recent spending pullback by the social-media firm that has been hit laborious by upheaval in its core digital-advertising enterprise.

The firm, which runs the social-media app Snapchat and whose enterprise primarily depends on digital promoting, on Wednesday stated it has seen 8% income development thus far in the present quarter, decrease than earlier anticipated. Snap warned employees it could undergo a interval of low income development properly into subsequent 12 months.