Snap Cutting 20% of Workforce, Cutting Back costs

Snap is facing financial challenges, reporting an 8% revenue gain below goals and planning to cut 20% of its workforce. The company is refocusing efforts by slashing projects and appointing a new COO, Jerry Hunter. The stock has tumbled due to a weak advertising backdrop, with ad revenue declines leading to significant job cuts. The industry is experiencing a pullback in advertising, reflecting broader economic challenges, including a recession. Snap's stock has fluctuated, showing a slight positive after a significant drop.

What major strategic decision did Snap Inc. announce in response to its revenue performance?

• Launch a new product line

• Expand into new markets

• Cut 20% of its workforce

• Increase marketing budget

Who was appointed as the new COO of Snap Inc.?

• Michael Brown

• John Smith

• Abby Johnson

• Jerry Hunter

What is the primary reason for Snap Inc.'s decline in sales growth?

• Supply chain disruptions

• Increased competition

• Weak advertising market

• Product quality issues

By how much did Snap Inc. revise its sales outlook?

• From 20% to 15%

• From 10% to 5%

• From 13% to 8%

• From 15% to 10%

What economic condition is contributing to the challenges faced by Snap Inc.?

• Inflation

• Recession

• Booming economy

• Deflation