Snap to Lay Off Nearly 1,300 Employees

The Snapchat app is planning to lay off around 20% of its nearly 6,500 employees

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Job cuts will begin on Wednesday with the team working on Minis

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small applications made by third parties which run in this particular social media platform

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affected most out all others according an article from The Verge .

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Snap shares fell 2.5% to $10 at the close in New York on Wednesda

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and sending its stock price up nearly 7%

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The company has faced sluggishness from advertisers who have decreased spending over fears

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about new competition emerging out west with Facebook’s Aquila ad platform launch last summer

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however Snap assured investors it would not provide specific guidance for this quarter

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Snap’s social mapping app it bought in 2017 but has since run separately from its parent company

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