After massive layoffs, Snap disbanded its Web3 division.

The company's growth rates hit a five-year low in the second quarter, and as a result, the management has decided to lay off 15 percent of the workforce.

Considering the company's significantly slowed growth, Snap (SNAP) has decided to disband its Web3 team in an effort to cut costs.

Jake Sheinman, co-founder of Snap and its Web3 team, announced his departure from the company in a tweet on Thursday. He also spilled the beans on the social media giant's future plans in the tweet.

In light of the company's restructuring, it has been determined to "sunset our [W]eb3 team," as stated in the tweet.

CoinDesk's request for comment sent to Sheinman went unanswered for some time.

CEO Evan Spiegel said the executives were worried about the company's underperformance after the company reported its second quarter earnings in July.

In a note to shareholders, the company admitted, "Our financial results for Q2 do not reflect the scale of our ambition." We are not happy with the outcomes we have produced so far.

Revenue of $1.11 billion for Snap's second quarter was up 13% year over year but fell short of the company's previous guidance of 20% to 25% and analyst estimates.

In spite of this, Snap's revenue increased by 13% compared to the same quarter in 2017.

Spiegel announced on Wednesday that 20% of Snap's workforce will be eliminated, several weeks after the data was first disclosed.

Spiegel explained that the move was made to balance the company's desire to invest in its long-term future and reaccelerate its revenue growth with the need to reduce costs.

Snap's augmented reality (AR) Spectacles team is expected to be hit particularly hard by the layoffs, bringing an end to the company's brief love affair with AR.

Three years after releasing Lenses, Snapchat's own augmented reality (AR) filters, in 2016, the company released a pair of AR glasses called Spectacles.

In 2021, Snap spent more than $500 million to acquire WaveOptics, the provider of the augmented reality displays used in Snap's Spectacles, marking the company's largest acquisition to date. Last year was when this deal was made.

As recently as July, the company had planned to investigate a feature that would allow users to import NFTs into Snapchat and use them as augmented reality filters; however, it is currently unknown whether or not this initiative will proceed in light of the impending layoffs.

Comments

Hal Finney's wife has announced a Bitcoin charity event.

She stated that the event aims to raise funds to assist ALS patients. Fran Finney, Hal Finney's wife, has announced a charity event to benefit victims of amyotrophic lateral sclerosis (ALS). Finney encouraged Bitcoin users to run a half marathon and share their experiences on social media between January 1 and January 10, 2023 to help raise funds to fight the disease. Fran Finney made the announcement via Hal Finney's official Twitter account. She had previously reactivated the account in order to save it from Twitter's purge of old accounts. "Running Bitcoin" is being held in collaboration with the ALS Association Golden West Chapter and is named after the first-ever Bitcoin tweet, which was made by Hal Finney just a few days after Bitcoin went live in 2009. According to its website, the organization provides ALS patients with equipment loans and educational materials. The charity stated that it hopes to raise funds from the event by providing some contributors w...

In the midst of escalating strikes, postal and rail workers walk off the job.

Transport workers are going on strike for a second day, joining the Royal Mail and the driving examiners. On a day when snow, ice, and fog impeded road and air travel, a walkout by rail personnel on Tuesday left services running at around a quarter of capacity. More than half of rail lines will be out of operation again on Wednesday, with no service at all over much of Scotland and Wales. On top of that, this week is scheduled to see the first-ever nationwide strike by nurses. Friday will also see a walkout by those employed in the transportation industry, including those in the rail industry, bus industry, baggage handling industry, highway industry, and those responsible for administering driving exams. Later this week, the government's emergency Cobra committee will meet again to explore how to lessen the impact of the wave of industrial action. At the same time as families and businesses are sending out Christmas greetings and presents, 115,000 members of the Communication Wo...

In 2023, China will presumably help the global economy get back on its feet.

In 2023, researchers expect China will be a dependable and vital driver of global economic growth thanks to the strength and potential of its economy. China has successfully coordinated COVID-19 policy with economic and social growth this year, and has introduced a series of stimulus packages to aid businesses, keep prices stable for consumers, and win back the trust of international investors. On Friday and Saturday, Beijing hosted the annual Central Economic Work Conference, when it was announced that China's economic performance in 2023 is expected to rebound and improve. The Central Economic Work Conference, which elaborated on the fiscal and monetary, industrial, science and technology, and social policies for 2023, prioritized economic stability and called for gradual progress while ensuring economic stability. At a meeting of the Political Bureau of the Communist Party of China Central Committee earlier this month, the government made a commitment to increase domestic demand...

Search This Blog