Snap confirms a 16% workforce cut and raises guidance
Snap confirmed it will cut about 1,000 jobs, target more than $500 million in annualized savings, and lift near-term revenue and EBITDA guidance as it pushes toward profitability.
From the sources (9 posts)
@alexeheathSources: - Snap set to announce big layoffs tomorrow. Some teams halved or more. - Specs subsidiary will gain employees ahead of the glasses' imminent launch, which will loosely follow Apple's rollout of the Vision Pro. - The $400m deal wit
@katie_roofRT @alexeheath: Sources: - Snap set to announce big layoffs tomorrow. Some teams halved or more. - Specs subsidiary will gain employees ahe…
@wallstengine$SNAP TO CUT 16% OF WORKFORCE The layoffs are aimed at streamlining the business, reallocating resources toward higher-priority areas, & moving closer to net-income profitability. Expects $95M to $130M in pretax charges, Q1 adj EBITDA
@businessSnap is laying off roughly 1,000 full-time employees, or 16% of its global workforce, part of an effort by CEO Evan Spiegel to reduce costs and achieve profitability
@stocksavvyshay$SNAP is laying off ~16% of its workforce while guiding for ~$1.53B in Q1 revenue, ~$233M EBITDA and up to $130M in restructuring charges. Tough scene for morale when layoffs hit right after the CEO Evan Spiegel is having the time of his l
@wallstengine$SNAP LAYS OFF 16% $500M+ annualized cost savings Targets Long term MAU of 1 Billion Q1 rev raised to ~$1.53B Q1 adj. EBITDA ~$233M vs prior $170M-$190M FY26 gross margin seen above 60% FY26 adj. opex cut to $2.75B from $3.0B
@reutersSnap to lay off about 1,000 employees after activist investor pressure
@cnbcSnap's stock jumps 7% after announcing plans to lay off up to 16% of its workforce
@stockmktnewzSnapchat $SNAP is laying off ~1,000 full time employees or ~16% of its global workforce - Bloomberg