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Snap Will Lay Off Huge Number Of Employees (Around 6000)

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According to two familiar people, Snap is still in the planning stages for massive layoffs.

After disappointing earnings results, the company plans to reduce its workforce.

Snap's over 6,000 employees are currently uncertain. Managers across the company are still planning for the full extent of the cuts.

Snap's business was hit hard recently by two main factors: Apple's "Ask App Not to Track" prompt.

The second factor is the broader economic downturn, which has punished Snap's stock prices and other cash-burning businesses.

However, the company has struggled to build a substantial ad business.

Its attempts to sell hardware, such as a $230 selfie drone, but have not succeeded.

In late May, Evan Spiegel, CEO of the company, told employees that it would be reducing its hiring efforts and looking for additional cost savings.