Snap is within the early phases of planning layoffs, in accordance with two individuals acquainted with the plans.

The deliberate cuts come after the corporate not too long ago delivered disappointing earnings outcomes and did not forecast earnings for the third quarter — information that despatched its inventory value cratering to near-all-time lows. It’s presently unclear what number of of Snap’s greater than 6,000 workers might be laid off, as managers throughout the corporate are nonetheless planning the complete scope of the cuts for his or her groups.

Russ Caditz-Peck, a Snap spokesman, declined to remark.

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