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Snapchat calls end to Web3 Division, laying off 20% of staff

  • The business has eliminated all Web3 employees as part of an ongoing reorganization.
  • Jake Sheinman, Head of Snap’s Web3, has announced his departure.

On Friday, the CEO of Snap Inc. Evan Spiegel He revealed in a statement that the company has made a painful choice to lay off 20% of its employees. According to the statement, the company was suffering from weak revenue growth, lower stock prices, and a general failure to meet its financial expectations.

reorganization efforts

Now that Instagram and TikTok have established themselves as leaders in the industry, Snap Inc. For a period of reorganization to ensure the continued success of the company. The business has eliminated all Web3 employees as part of an ongoing reorganization.

Speigel shared:

“Visibility for our forward-looking revenue remains limited, and our current QTD 8% year-over-year revenue growth is significantly lower than we expected earlier this year.”

Wednesday, Jake ScheinmanThe head of the Web3 team at Snap, announced his departure from the company in a thread of tweets. CEO Speigel said the changes were made to better address the company’s three most pressing concerns: expanding the user base, increasing income, and boosting augmented reality (AR) capabilities. Moreover, anything that does not align with these priorities will be canceled or severely underfunded.

Snap now appears less committed to developing Web3 and Metaverse than its competitors, such as Meta. Snap doesn’t seem interested in establishing itself within the blockchain business. Despite the widespread belief among IT pioneers that Web3 will be the next generation of the Internet.

High interest rates in an inflationary market have forced a number of Internet companies. These include Coinbase, LinkedIn, Meta, Apple, Google and Netflix layoffs.

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