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Snap To Fire 20 Percent Of Employees

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According to sources who are familiar with the situation, Snap plans to lay off about 20% of its over 6,400 workers.

According to the sources, the cuts that Snap has been planning over for the past few weeks 

will start on Wednesday and will hit specific departments more than others.

While the number of staff reductions is substantial, it shouldn't be a shock that Snap's stock price dropped almost 90% of the value it had at the start of the year. 

Moreover, Snap announced in May that it would be slowing hiring and looking for ways to reduce expenses. 

The company then reported a disappointing loss for the year's second quarter. 

Similar to its tech competitors, Snap hired aggressively during the epidemic. 

It began the month of March 2020 with a total of 3,427 full-time workers and finished the month with 6,446, an 38 percent rise from the same time last year.