Snap announces restructuring plan, plans to lay off 20% of its workforce and appoint a new chief operating officer
The company’s current quarterly revenue growth rate of 8% is “well below what we expected earlier this year,” he said.
Snap also promoted Jerry Hunter from senior vice president of engineering to chief operating officer.
Shares of Snap plunged more than 25% in July after the company reported second-quarter results that missed the top and bottom lines and said it would not provide guidance for the current quarter.
The company previously said it planned to “substantially” slow hiring and operating expense growth rates.