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 employees is Snapchat planning to lay off?

What were the reasons behind Snapchat's decision to cut jobs?

How does Snapchat's user base compare to Facebook's?

How might the competition from TikTok affect Snapchat?

What financial challenges has Snapchat faced as a public company?