Snap Inc. CEO Evan Spiegel told staff in a memo on Wednesday that the company will undergo a major restructuring that includes a 20% reduction of its workforce and product pullbacks it anticipates will help save $500 million this quarter.
Why it matters: Shares in Snap have taken a plunge following a weak Q2 earnings report that came as a result of advertising headwinds attributed to macroeconomic trends, such as inflation and supply chain issues.
