Snapchat parent Snap Inc is planning to lay off about 20% of its more than 6,400 employees starting Wednesday, the Verge reported on Tuesday, citing people familiar with the matter.
Snap’s hardware division, responsible for Spectacles and the Pixy camera drone, its team working to help developers build mini apps and games inside Snapchat and Zenly, the social mapping app it bought and runs separately, will be hit by the layoffs, according to the report.
Verge had reported earlier this month the social media firm was in the early stages of planning layoffs.
Technology companies, crypto exchanges and financial firms have cut jobs and slowed hiring as global economic growth weakens due to higher interest rates, red-hot inflation and an energy crisis in Europe.
Snap declined to comment on the report.
The company’s shares, which ended down 2.4% on Tuesday, have lost nearly 79% of their value so far this year.
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