[Asia Economy New York=Special Correspondent Joselgina] Global social media company Snap reportedly plans to lay off 20% of its entire workforce, approximately 1,000 employees.
IT specialized media The Verge reported on the 30th (local time) that Snap will begin the layoff process targeting 20% of its employees starting from the 31st. Specific departments such as hardware and product development are affected.
Snap's stock price plunged more than 25% after revealing disappointing second-quarter results. In particular, as revenue from the online advertising market deteriorated, concerns spread to other social media companies. Earlier this month, Snap also halted development of the Pixy flying camera drone, which was announced last April.
On the New York Stock Exchange that day, Snap closed the regular session down 2.53% compared to the previous close. In after-hours trading, it is currently trading at a level more than 3% lower.
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