Snap may do MASSIVE layoffs soon, here’s why

New Delhi: As part of cost-cutting initiatives in the face of the economy's slowdown, a number of tech companies are firing employees. After companies like Netflix, Twitter, TikTok, Microsoft, and some other tech companies announced layoffs, a report now claims Snap intends to do the same.

According to insiders with knowledge of the situation, Snap is just beginning to plan layoffs. However, the company hasn't yet provided any specific information on the same. The news of the layoffs follows Snap's disappointing earnings report.

The precise number of Snap's 6,000 employees who will be let go is unknown. According to the report, managers across the organisation are still in the planning stages and have not made any decisions regarding who will be let go and why.

Well, it's obvious that Snap has planned to fire employees in the past. 2018 marked the last time Snap let go of some of its staff. Well, it's not like Snap's CEO didn't issue a layoff warning. Snap CEO Evan Spiegel announced to staff members earlier this year that the company would reduce hiring and "find additional cost savings."

In the past few years, Snap has fought hard to expand, particularly to establish an advertising business and sell hardware items like selfie drones.

Sadly, Snap is not the only tech company that has experienced layoffs. As a cost-cutting measure, tech companies like TikTok, Twitter, Alibaba, Microsoft, and others have recently let go of hundreds of employees. Not only that, but major tech firms like Google and Meta reported slower hiring despite the weakening economy. Additionally, according to Sundar Pichai, CEO of Google, there are more employees than there is work to be done.