Snap got rid of its Web3 unit as a result of a lot of layoffs.

The company's growth rates hit their lowest point in the last five years during the second quarter. As a result, the company has decided to let go of 20% of its employees.

Snap (SNAP) has decided to get rid of its Web3 team in order to cut costs because the company's growth has slowed down a lot.

Jake Sheinman, who helped start Snap's Web3 team, said he was leaving the company in a tweet on Thursday. In the tweet, he also talked about what plans the social media giant has.

"As a result of the company restructure, decisions were made to shut down our [W]eb3 team," the tweet said.

The comment request that CoinDesk sent to Sheinman was not answered right away.

After the company reported its earnings for the second quarter in July, Snap CEO Evan Spiegel said that the company's executives were worried about the company's poor performance.

In a note to investors, the company said, "Our financial results for Q2 do not match the size of our goals." "We're not happy with the results we're getting so far."

Snap's second quarter revenue of $1.11 billion was up 13% from the same quarter last year, but it was well below the company's previous guidance of 20% to 25% and below analyst estimates.

Even so, Snap's sales were 13% higher than the same quarter last year.

A few weeks after the information was first made public, Spiegel said on Wednesday that 20% of Snap's employees will be let go.

Spiegel wrote, "The size of this cut should make it much less likely that we'll have to do this again, while still letting us invest in our long-term future and speed up our revenue growth."

People think that the layoffs will hurt Snap's augmented reality (AR) Spectacles team the most, putting a quick end to the company's love affair with AR.

Snapchat started selling Spectacles, which are AR glasses, in 2016. This was three years after the company first came out with its own AR filters called Lenses.

In 2021, the company paid more than $500 million to buy WaveOptics, the company that makes the augmented reality displays used in Snap's Spectacles. This was the biggest purchase the company had ever made. This transaction happened the year before.

Even as recently as July, the company had planned to do research on a feature that would let users import NFTs into Snapchat and use them as augmented reality filters. However, it is currently unclear whether or not this project will go forward in light of the upcoming layoffs.

Comments

Accumulate Wealth: Strategies for Effective Financial Resource Management

In today's ever-changing business landscape, the skillful management of financial resources stands as a paramount concern for organizations striving to prosper and achieve success. Financial resources serve as the lifeblood of any enterprise, empowering them to invest, operate, and grow. This comprehensive article delves deep into the concept of Financial Resources, shedding light on what they are and offering insights into effective management strategies. While the keyword " where to accumulate wealth " is relevant to financial planning, this article primarily focuses on the broader concept of financial resources and their management within the business context. Understanding Financial Resources Financial resources encompass the funds and assets that an organization employs to finance its operations, projects, and investments. These resources exist in various forms, including cash, accounts receivable, investments, and more. Managing these resources effectively can ma...

Hal Finney's wife has announced a Bitcoin charity event.

She stated that the purpose of the event is to raise money to help ALS victims. Hal Finney's wife Fran has announced a fundraising event for those suffering from amyotrophic lateral sclerosis (ALS). When discussing the occasion on Twitter, Finney urged users of Bitcoin to participate in a half-marathon and post about their experiences there between January 1 and January 10, 2023, in order to support the cause and raise money. Fran Finney shared the news on Hal Finney's official Twitter account. She had previously reactivated the account to prevent Twitter from deleting old accounts. The "Running Bitcoin" event is being held in collaboration with the ALS Association Golden West Chapter and is named after the first Bitcoin tweet, which was sent by Hal Finney only a few days after it went live in 2009. The group, according to its website, offers educational resources and equipment loans to ALS patients. According to the charity, it hopes to raise money from the event by ...

What are crypto IDOs?

What's IDO? Initial DEX Offering, or IDO, is a way for projects to sell their crypto tokens to the community using a decentralized exchange. This is called an IDEO (DEX). A typical IDO lets investors lock their funds into a smart contract before issuing a project's native token. At the token generation event, investors receive new tokens in exchange for frozen funds. IDOs offer projects a simple, low-cost way to distribute tokens and collect funds while providing investors with more security than an ICO (ICO). IDO investors need a cryptocurrency wallet like MetaMask. To join IDO and pay transaction fees, add cryptocurrency to your wallet. You should avoid IDOs. Always do independent research. This requires examining a project's IDO mechanisms, token economics, vesting durations, and founding team, which can vary by platform and project. Also, IDO mechanisms can be found in different projects. Before investing in DEX ventures, make sure you can trust them. IDO function: IDOs...

Search This Blog