Snap Inc. Announces 10% Workforce Reduction

Snap plans to lay off around 10 percent of its employees due to struggles in the digital advertising market and challenges in expanding beyond its core product. The company has faced setbacks with hardware projects and new features within Snapchat, while also grappling with a shrinking ad market and Apple's user tracking limitations. Despite a recent rise in revenue, Snap has consistently missed internal targets and aims to reorganize its team to support future growth, with CEO Evan Spiegel setting ambitious goals for 2024.