Snap plans to lay off a fifth of its 6,500-strong workforce, according to a person familiar with the situation, in a dramatic shake-up as the social media group battles a slump in advertising demand.
The Los Angeles-based company had expanded headcount rapidly during the first two years of the coronavirus pandemic, as social media platforms grew rapidly with users spending more time and money online during lockdowns.
However, the boom has this year turned into a deep and broad stock sell-off amid high inflation and a wider economic slowdown, forcing the biggest tech groups such as Meta and Google to freeze hiring and seek out other cost-cutting measures.
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