Snap will lay off 20% of its employees and currently has more than 6400 employees worldwide.
Beijing, Aug. 31 (Xinhua) Snapchat's parent company, Snap, employs more than 6400 people around the world, and people familiar with the matter said Snap will lay off 20% of its staff starting Wednesday.
Snap's division in charge of Spectacles and Pixy drone hardware, the team that helps developers develop mini App and games within Snapchat, and Zenly social map App have been affected.
Due to interest rate hikes in the United States, high inflation, the energy crisis in Europe and the weakness of the global economy, many technology companies, cryptocurrency exchanges and financial companies are already laying off staff or slowing the pace of hiring.
Snap closed down 2.4 per cent in Tuesday's trading and has lost about 79 per cent of its valuation this year.
