Snap to Lay Off Nearly 1,300 Employees

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

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

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

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

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

and sending its stock price up nearly 7%

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

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

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

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