Snapchat has stated that it intends to cut back on investments that are not directly related to its strategic ambitions, including Snap Originals and hardware and game product cuts.
In an effort to decrease expenses by USD 500 million, the social media network would also lay off 20% of its full-time employees, or around 1,300 workers, by “refocusing on strategic priorities” and “reducing investment” in its office portfolio. The number of these cuts that will be made within the marketing department is a matter of confidentiality for the corporation.
As it pursues long-term growth, the social media platform now intends to “invest extensively” on its advertising infrastructure in order to produce quantifiable returns on ad investment.
Read More: Snap to ‘substantially’ reduce marketing spend amid staff cull
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