Snap plans employee layoffs after disappointing Q2 earnings

Snap is in the early stages of planning layoffs, according to two people familiar with the plans.

The planned cuts come after the company recently delivered disappointing earnings results and didn’t forecast earnings for the third quarter — news that sent its stock price cratering to near-all-time lows. It’s currently unclear how many of Snap’s more than 6,000 employees will be laid off, as managers across the company are still planning the full scope of the cuts for their teams.

Russ Caditz-Peck, a Snap spokesman, declined to comment.

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