- Taking the restructuring plan into consideration, Snap will shed off its 20% staff.
- The revenue growth of the company is also very low from what they expected.
Snap Inc., a camera and a parent company of Snapchat, seems to be shedding off its Web3 team taking the restructuring plan of the company into consideration. The company has also planned to shed off its 20% staff.
Jake Sheinman, one of the prominent founders of the team, took Twitter and posted on August 31, disclosing that he served the company for about four years and it was his last day at Snap Inc.
“For restructuring of the company, it was decided to shed our web3 team,” Scheinman elaborated. That very team that he co-founded with other bandits who showed trust in digital ownership and the part that can be played to back that.
According to the financial times, Snap kept its point, stating that it will try out a feature that will permit the users to bring NFTs into its platform to behave as filters. The platform also partnered with many developers to merge Augmented reality (AR) effects in the newest gen of its high-tech glasses, Spectacles.
Three targets of the company.
It seems like Snapchat will continuously work on AR initiatives even though it has planned to shed its web3 team. The chief executive officer of the company, Evan Spiegel, quoted Augmented reality as one of the three main sectors that Snap will want to have.
The CEO of the company gave a letter to the employees in which he stated that: “We are reorganizing our business to enhance target on our three prime concern which is planned earlier: Community growth, revenue growth and augmented reality.” projects that are not contributing to these sectors directly will not be continued further or get significantly lessen investment,” he further added in the letter.
Snap revealed that it would not hire in bulk in July after its Q2 reports missed expert calculates.
“Our progressive revenue observability isn’t unlimited, and out recent year-over-year revenue growth of 8% is very low from what we had expected from this year,” Spiegel revealed in the statement given on August 31.
Source: https://www.thecoinrepublic.com/2022/09/02/snap-to-shed-off-its-web3-team-in-company-restructuring/