Snap Planning to Cut 20% of Workforce Starting Wednesday

Snapchat is laying off 20% of its workforce due to financial struggles, including missing market estimates and a significant drop in share value. The company has been investing in hardware, such as a drone, but is now cutting back on these products. Compared to larger tech companies like Facebook, Snapchat has fewer resources and faces stiff competition from platforms like TikTok. These layoffs aim to save costs, but Snapchat has yet to achieve profitability as a public company.

What percentage of its workforce is Snapchat planning to lay off?

• 10%

• 15%

• 20%

• 25%

What was one of the hardware products Snapchat decided to cut?

• Smart Glasses

• Smartwatch

• VR Headset

• Drone

By how much have Snapchat's shares fallen from their 2021 peak?

• 50%

• 80%

• 90%

• 70%

Which company is mentioned as having a significantly larger user base than Snapchat?

• Twitter

• Facebook

• Instagram

• LinkedIn

What is one of the main challenges Snapchat faces in the market?

• High operational costs

• Regulatory issues

• Lack of innovation

• Strong competition from TikTok