Yesterday, we were the first to report that Snap had cut several senior executives in a sweeping round of layoffs, partly in an effort to reduce the amount of stock based compensation it pays out to senior people.
Monday’s leadership cuts follow a cascade of senior exits over the past year, including key executives across the product, engineering, and operations teams. The exits have come as CEO Evan Spiegel has taken a more hands-on role within the organization, in an effort to lift his company from an ad slump that has sent its stock price falling 90% from its pandemic peak.
It's too early to tell whether layoffs and an efficiency-oriented culture shift will be enough to improve the revenue picture for Snap—but we'll keep our subscribers up to date on all the latest.