Snapchat Fired 20 Product Managers to Boost Productivity

Web Desk

12th Nov, 2023. 12:39 pm
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Snap failures revenue estimate, shares fall 30%

Snapchat laid off nearly 20 product managers to boost productivity and reduce costs.
Following recent furloughs, this restructuring is smaller than last year’s layoffs of 1,300 employees.
In Q3 2023, Snapchat reported a 5% revenue increase, reaching $1.19 billion, the highest in six months.

Snapchat has reportedly laid off “nearly 20 product managers” as a move to boost productivity, according to The Information.

A series of employee departures followed the recent furloughs as Snapchat underwent organizational restructuring.

Nevertheless, this restructuring is on a smaller scale compared to last year, when the company laid off 1,300 employees.

A company spokesperson informed Engadget that the layoffs were aimed at streamlining the decision-making process, focusing on individuals situated between lower-level employees and higher-level managers.

The layoffs are also seen as a cost-cutting measure, with the resources saved intended to be redirected towards the company’s “core priorities.”

According to reports, Snapchat reported a 5% increase in revenue for the third quarter of 2023.

Snapchat recorded earnings of $1.19 billion, marking the first time it reached this figure in the past six months.

Snapchat cautioned investors about a downturn in advertising activities across social networks due to an influx of misinformation amid the war situation in the Middle East, leading to a slower rebound in the ad business.