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Snapchat’s whirlwind quarter ends with layoffs and canceled projects

Bend & Snap

Snapchat’s innovation knows no bounds. We’ve seen big things coming out of Snap, Inc. in the last quarter — from a new drone, artificial intelligence developments, an augmented reality suite of tools for developers, creator prioritization, and much more. But is the excitement wearing off?

Bye, Pixy

Snap is reporting plans to lay off 20% of its employees worldwide. It’s also planning to end its Pixy drone plans after only four months since its initial launch. Its stock price has also declined nearly 80% this year, according to The Verge, and it does not plan to forecast its Q3 earnings. Has Snap’s top dog era come to an end?

POV

We’re noticing a continuation of social platforms publicizing big plans and not being able to push them forward. That’s something that has always been and will always be a challenge for these businesses. But as the tech sector is being hit hard by a potential recession, we’re hoping that new opportunities arise from the metaphorical ashes, as influencer marketing spending is projected to grow 12% this year. Could the metaverse’s impending arrival also see delays as a result, or could it pivot in a new direction? We’ll keep you updated.

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