Irony can be a strange bedfellow today iQiyi as $IQ is going public on the NASDAQ making it the highest-value IPO since Snapchat parent Snap Inc went public last March in a $3.4 billion deal. Today $Snap is laying off another 100 employees.
Irony can be a strange bedfellow today iQiyi as $IQ is going public on the NASDAQ making it the highest-value IPO since Snapchat parent Snap Inc went public last March in a $3.4 billion deal. Today $Snap is laying off another 100 employees.
Another SnapChat Fail
The layoffs are within the advertising and sales department $SNAP CSO told CNBC. This is the second reported round of layoffs this month, with SNAP laying off around 100 people from the engineering department in early March.
Chief Strategy Officer Imran Khan said on CNBC: Over the past two years our company has grown a tremendous amount. Late last year we asked senior leaders across Snap to look closely at their teams to ensure they had the right resources and organizations to support their missions. As a result, new structures have been put in place for Content, Engineering, Sales and many other parts of Snap. These changes reflect our view that tighter integration and closer collaboration between our teams is a critical component of sustainably growing our business. While this process has required us to make some really tough decisions, we believe that rigorously ensuring our team structure always aligns with our goals will make us stronger.
With the backlash against Facebook over its advertising and data breaches, President Trump’s calling out of Amazon these announcements could go either way for $SNAP.
There is a thought that sees SnapChat and Twitter $TWTR benefit from the #deletefacebook movement $SNAP it is also facing its own backlash over an unwanted design update to the popular camera/communications app.
Since Spectacles quick fall away to become a forgotten consumer gadget, Snap seems much more focused on how we use the camera to communicate with one another, with that there comes opportunity from the Facebook fallout, or is it just a time for the public to take a huge breather on social media?
Meanwhile the market wait for the bell to ring on the $IQ IPO