Snap is canceling several projects and laying off 20 percent of employees

Illustration by Alex Castro / The Verge Snap is laying off around 20 percent of its more than 6,400 employees and canceling its original shows, in-app games, and several other projects as part of a corporate restructuring. In a company memo on Wednesday that you can read in full below, CEO Evan Spiegel wrote that Snap is “restructuring our business to increase focus on our three strategic priorities: community growth, revenue growth, and augmented reality.” Spiegel said the company’s revenue growth had reaccelerated to 8 percent from being flat in late July, suggesting its ads business is starting to rebound. Still, that is a far cry from the more than 40 percent revenue growth Snap was seeing before Russia invaded Ukraine, which it blamed for a slowdown in marketing spend,... Continue reading…