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Snapchat cuts Web3 department, lays off 20 percent of the workforce

 


Evan Speigel, CEO of Snap Inc., which in turn is responsible for the popular social media platform Snapchat, announced on Friday that the company has laid off nearly 20% of its workforce.


According to the related announcement , the layoffs are due to slow sales growth, a weak share price and general failure to meet financial targets. In this regard, Speigel explains:


"Our forecast revenue growth is limited and our year-over-year revenue growth is just 8%, well below our expectations."

Snap is now looking to restructure itself to ensure the company can survive in a highly competitive industry alongside strong competitors like Instagram and TikTok. In the course of this, the Group's Web3 department was completely dissolved. Jake Sheinman, the director of the Web3 team, announced on Wednesday that he had to leave the company because his department was being abolished. As Sheinman reported on Twitter:


"As a result of the restructuring, it was decided that the Web3 team would be dissolved."


CEO-Speigel explains that the reorganization is intended to help focus on strategic areas of focus, most notably community growth, revenue growth and augmented reality (AR). All projects that do not fit into this plan are therefore canceled or at least shortened.


So Snapchat will not initially enter the competition for Web3 and the Metaverse like other major media such as Meta (Facebook) are doing. Although many experts see the future of the Internet in these innovations, Snap wants to wait and see accordingly.

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