Snap has laid off more than 20 percent of its workforce in the company’s latest move after losing shares. While the Snapchat parent has not disclosed any details about the job cuts, the company confirmed on Tuesday that two of its senior advertising executives are out. Meanwhile, Netflix has confirmed reports that two former Snap executives will join the streaming major in global advertising roles. It was reported earlier this month that Snap is in the early stages of planning layoffs.
Accordingly To Reuters, Snap confirmed the departure of two of its top executives after revealing the company plans to cut more than 20 percent of its workforce. The social messaging service has not commented on Verge Report Details of the staff cut plans, citing people close to the development.
The layoff plan has been in the works for several weeks now, the report noted. It also states that some sectors will see more job cuts than others starting today. Snap’s team working on ways to create mini-apps and games for developers and Zenly will take a serious hit in two major divisions.
Meanwhile, top executives Jeremy Gorman, chief business officer and vice president of ad sales Peter Naylor have also resigned. The two executives will now join Netflix from September, the streaming major has confirmed statement for the deadline.
In a statement to Deadline, Netflix COO Greg Peters said, “I am delighted to welcome Jeremy Gorman, our President, Global Advertising, and Peter Naylor, our Vice President, Advertising Sales, to Netflix.”
Gorman, a former Amazon executive, joined Snap in 2018, while Naylor, Hulu’s former senior vice president of ad sales, became part of Snap in 2020.
