I’m hearing that about 150 employees are being cut as part of a reorganization of Snap’s AR division. Snap’s communications team declined to comment, though I’m expecting more details to be shared tomorrow.
For those who have been following Snap’s business lately, this news shouldn’t necessarily come as a surprise. Even after laying off 20 percent of employees in August 2022, Snap has yet to convince investors that it has the financial discipline to get to sustained profitability. These cuts don’t mean Snap is backing away from its AR strategy, however, I’m told.