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Read Snap CEO Spiegel’s Memo to Staff About Job Cuts

Bloomberg business news
Snap Cutting 20% of Workforce, Cutting Back costs

Snapchat’s parent company decided to cut jobs and stop investing in some projects, in an effort to refocus the business on growing ad revenue.

Snap Inc. Chief Executive Officer Evan Spiegel explained to the staff why the changes are necessary, saying “it has become clear that we must reduce our cost structure to avoid incurring significant ongoing losses.”