1 year 8 months ago
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Snapchat maker Snap has laid off approximately 20% of its workforce in a bid to reduce costs, which has also resulted in the firm's games business being put on hold.
As reported by Engadget, the company has laid off around 1,300 employees, and has reprioritised several investments within the company.
In a memo to investors, Snap said that it is restructuring around three strategic priorities: community growth, revenue growth and augmented reality. It said that any projects that don't directly contribute to these pillars will be "discontinued or receive substantially reduced investment."