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Benzinga
Benzinga
Business
Wayne Duggan

BIZARRE: 5 snap analysts react to restructuring plan attractive opportunity for long term holders | Mind Blowing Facts

SNAP NYSE Snap Inc Andrew Boone Barton Crockett Evan Spiegel Jeremi Gorman Justin Patterson Justin Post Mark Zgutowicz

Snap Inc (NYSE:SNAP) shares traded higher by 15% on Wednesday after the social media giant disclosed in a new filing that it will be restructuring its business and laying off 20% of its staff.

Snap CEO Evan Spiegel told employees via a memo on Tuesday that the company needs to restructure its business to cut costs. Spiegel also said Snap's revenue growth for the quarter is just 8%, well below what the company had anticipated earlier this year.

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