Snapchat to wind down its standalone creations like Zenley and Voisey, lays off 20% employees to recover shortfalls
In the time where it is trying its best to become everyone’s favorite, it is now also going to “wind down” its standalone location detector application Zenley and Voisey.
Snapchat’s parent company announced on Wednesday that it is laying off 20% of its employees as the deeply disturbed messaging app struggles to recover from competition, revenue issues, and recent quarterly shortfalls.
Snapchat, which was popular among younger Internet users in its early days, is now a smaller player in the social networking space, as competition from other apps such as TikTok has grown more intense.
CEO Evan Spiegel on Wednesday, wrote in a note to his employees,”We must now face the consequences of our low revenue growth and adapt to the market environment”.
It was in the month of July, that the company had reported a quarterly setback ,which probably tripled to $422 million as the conditions stood more challenging than expected. Snapchat, currently has created a buzz among the young adults of the country. In the time where it is trying its best to become everyone’s favorite, it is now also going to “wind down” its standalone location detector application Zenley and Voisey. Spiegel even mentioned how the restructuring would work. will focus on “three strategic priorities: community development, revenue growth and augmented reality,” with unrelated projects “to be closed or receive significantly less investment.”
Amidst this, the team even confirmed a new COO of Snapchat, Jerry Hunter, who will be promoted from the position of senior Vice President-Engineering. Google executive Ronan Harris, is to become the president of Snap’s divisional branches, which are, Europs, Middle East, Africa in October.
