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.

Who was appointed as the new COO of Snap?

What percentage of its workforce is Snap planning to cut?

What has caused Snap's sales growth to be crippled this year?

What was Snap's sales outlook adjusted to from 13%?

What significant change occurred in the advertising industry that affected Snap?