Nearly 20 employees who held product management titles were laid off, Snap said in a statement on Wednesday.
The layoffs come after Snap recently reported third-quarter earnings in which its overall sales grew 5% year-over-year to $1.19 billion, beating analyst expectations. Snap, like its larger rival Meta, also warned investors that it has observed some recent pauses in advertising due to the current crisis in the Middle East.Nearly 20 employees who held product management titles were laid off, Snap said in a statement on Wednesday. The layoffs were not centered on any specific product and were part of the company's plans to increase decision-making speed and reduce overhead, the company said.
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly, also warned investors that it has observed some recent pauses in advertising due to the current crisis in the Middle East. As a result, Snap said it would not provide official guidance"due to the unpredictable nature of war."
Meta widened its guidance range due to the Israel-Hamas war, with the company's chief financial officer Susan Li telling analysts that it"observed softer ads in the beginning of the fourth quarter, correlating with the start of the conflict."
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