Snapchat firm cuts 1,300 staff in face of advertising downturn
by Dan Milmo Global technology editor from Technology | The Guardian on (#634N9)
US firm Snap to focus on its core messaging product as it reports revenue growth well below expectations
The company behind Snapchat is making about 1,300 staff redundant and cutting investment in projects such as augmented reality glasses, as the social media business fights an advertising downturn.
Snap's chief executive said the latest quarterly revenue growth of 8% was well below" expectations and the company's planning includes assumptions that a weak advertising market continues into next year.
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