Snapchat's parent company is slashing staff and scaling back investments in straggling businesses, an attempt to rein in costs following a slowdown in ad revenue growth. Snap Inc. is cutting about 20% of its workforce, Chief Executive Officer Evan Spiegel said in an internal memo sent to staff Tuesday. The news sending the stock tumbling in the premarket. Abigail Doolittle reports on "Bloomberg the Open."
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Francisco Gimeno - BC Analyst Snap (Snapchat's father company) just follows the trend of big tech companies of cutting workforce, in order to cut costs in an environment where revenue has gone to minimums. With an horizon where it's difficult to plan ahead, tech companies are being cautious and acting accordingly to fasten back the shutters preparing for whatever is coming now.