source Markets Insider source Markets Insider Snap is teetering around $15 a share Thursday after announcing layoffs. The company announced it was eliminating 100 jobs in advertising and sales. See Snap trade in real time here. Shares of Snap are seesawing Thursday, currently up 0.31%, after Imran Khan, the company’s chief strategy officer, said the company intends to cut 100 jobs in advertising and sales, according to a Bloomberg report. Snap has fallen just 2.5% since March 19th, the day the broader tech sell-off began on news of Facebook’s massive data breach. The broader Nasdaq 100 has slumped 6.6% over that time. “These changes reflect our view that tighter integration and closer collaboration between our teams is a critical component of sustainably growing our business,” Khan said in a statement. “While this process has required us to make some really … [Read more...] about Snap is seesawing after announcing layoffs
Layoffs
L.L. Bean cancelled its blockchain and sensor experiment amid layoff announcements
source L.L. Bean L.L. Bean has cancelled an experiment that would put sensors connected to the Ethereum blockchain inside of some of its coats and books, according to The Wall Street Journal. News of the cancellation came hours before L.L. Bean announced layoffs as the result of flat sales in 2017. The project used Loomia fabrics, which contain sensors that track how an item is used. Users could then send that data to the Ethereum blockchain, where it’s accessed by companies looking for customer insights. The outdoor clothing retailer L.L. Bean is ending a planned experiment that would put blockchain technology inside its coats and boots, according to The Wall Street Journal. L.L. Bean first made public in February its plans to use sensors in some of its products which would track information about how people wear and use their products. The sensors would send user data … [Read more...] about L.L. Bean cancelled its blockchain and sensor experiment amid layoff announcements
Snap layoffs hit dozens of employees amid reports of lackluster engagement
Snap just laid off about two dozen employees, sources have confirmed with Fast Company. The layoffs hit many on the company’s content team, although eight teams were impacted in total. The company is now consolidating this team to California, which had members in New York as well. The layoffs were first reported by the Information (paywall). People with knowledge of the situation told Fast Company that many Snap content employees were asked to either move to California or be cut. Snap has considered content one of its main revenue drivers. But recent headlines have pointed to severe headwinds. According to a report from last week, engagement has suffered. Only 20% of its users engage with Discover, and other new highly anticipated features–like Maps–are also seeing adoption problems. Meanwhile, many publishers aren’t seeing the results they hoped to with Snapchat content. CNN announced that it would cancel its show on the platform because its … [Read more...] about Snap layoffs hit dozens of employees amid reports of lackluster engagement
Snap’s stock takes a beating after reports of another huge round of layoffs
Snap is reportedly about to lay off even more of its staff. According to a new report from Cheddar, which cites anonymous sources, the planned layoffs will be its biggest to date. Though an exact number wasn’t given, one source told Cheddar the cuts affect less than 10% of the company’s engineering staff. Meanwhile, after rising steadily throughout much of the day, Snap’s stock is now falling. Shares are trading at $18.10 after a high of $18.49. In January, Snap laid off nearly a dozen employees–predominately from the content team. At the time, this was said to be part of a general consolidation. Now it seems the company is continuing to downsize as it trudges through 2018. I reached out to Snap for comment and will update this post if I hear back.CGW … [Read more...] about Snap’s stock takes a beating after reports of another huge round of layoffs
Take These Steps To Boost Morale After Layoffs
You might think that employees who survive layoffs feel lucky or valued, but a study by outplacement provider RiseSmart finds that surviving team members have unique challenges that can hurt their productivity, and 43% of companies are not prepared for the impact. “Most of the focus is on the employees who are leaving, and that’s understandable,” says Dan Davenport, president and general manager of RiseSmart. “Not enough attention is paid to the impact on the surviving employees by companies.” Anxiety and a drop in morale are commonly felt, says Davenport. “Employees wonder what’s going to happen next,” he says. “They’re also worried about their former coworkers who are leaving the organization, wondering if they’ll land on their feet. This can lead to a loss of productivity.” Companies need get in front of the potential impact by putting a plan in place, says Davenport. “You can’t eliminate the … [Read more...] about Take These Steps To Boost Morale After Layoffs