Snap plans to let go of approximately 20 percent of its workforce, The Verge reported Aug. 30, in another sign of downsizing for the tech industry.
The move would affect about 1,280 of the Snapchat parent company's 6,400 employees.
The layoffs will hit teams involved with the social mapping app Zenly; those helping developers build mini apps and games inside Snapchat; and the hardware division working on Snap's AR Spectacles and Pixy camera drone, according to the news outlet. Additionally, Snap's chief business officer, Jeremi Gorman, has left for Netflix.
Snap's stock price has declined by nearly 80 percent so far this year after the company was aggressive in its hiring and acquisitions in 2021.
A Snap spokesperson declined to comment to The Verge about the layoffs.