 "Snapchat")
Instant multimedia messaging app Snapchat is planning to lay off a number of its employees, after the company declared a fall in its profits in the second quarter of the current calendar year (Q2CY22), The Verge reported the development quoting people familiar with the plans.
The net loss of the company widened to $422 million in Q2CY22 from $152 million in the same quarter in 2021. "Our financial results for Q2 do not reflect our ambition," Evan Spiegel, CEO of Snapchat said.
The share price of Snapchat has fallen over 25 per cent in the
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