Snap disbanded Web3 amid layoffs.

The company's second-quarter growth was the lowest in five years, so it laid off 20% of its workforce.

Snap (SNAP) has terminated its Web3 team to reduce expenses due to slow growth.

Jake Sheinman announced his retirement on Thursday via Twitter. He also revealed Facebook's future plans.

According to the tweet, "Due to a company restructure, our [W]eb3 team will be closing."

CoinDesk's comment request to Sheinman went unanswered.

Snap CEO Evan Spiegel revealed in July that executives were concerned about the company's underperformance.

"Our Q2 financial results don't reflect our ambition," the company said. "Our results aren't satisfactory."

Snap's second quarter revenue of $1.11 billion, up 13% from last year, was below the company's previous guidance of 20% to 25% and analyst estimates.

Despite this, Snap's revenue was up 13% year-over-year.

Spiegel announced Wednesday that Snap will cut 20% of its workforce, weeks after first disclosing the data.

Spiegel wrote, "This reduction should reduce the risk of ever having to do this again, while balancing our desire to invest in our long-term future and reaccelerate revenue growth."

The layoffs are expected to hurt Snap's AR Spectacles team, ending the company's honeymoon phase with AR.

Three years after introducing Lenses, Snapchat began selling Spectacles, AR eyewear.

In 2021, the company paid more than $500 million to buy WaveOptics, which supplies Snap's augmented reality displays. This happened last year.

The company planned to research a feature that would allow users to import NFTs into Snapchat and use them as augmented reality filters as recently as July, but it is unknown if this initiative will proceed in light of the impending layoffs.

Comments

Hal Finney's wife talks about a Bitcoin charity event

She said that the goal of the event is to raise money to help people with ALS. Hal Finney's wife, Fran Finney, has planned a charity event to help people with amyotrophic lateral sclerosis (ALS). Finney talked about the event on Twitter and told Bitcoin users that they should run a half marathon and post about it on social media between January 1 and January 10, 2023, to help raise money to fight the disease. Fran Finney sent out the news through Hal Finney's official Twitter account. She had previously reactivated the account to keep it from being deleted when Twitter got rid of old accounts. "Running Bitcoin" is being held with the help of the ALS Association Golden West Chapter. It was named after Hal Finney's first Bitcoin tweet, which was sent just a few days after Bitcoin went live in 2009. On its website, the organization says that it helps people with ALS by giving them loans of equipment and educational materials. The charity said that it wants to use the...

In response to customer abuses, Wells Fargo and the CFPB reach a $3.7 billion settlement.

With regard to checking accounts, mortgages, and auto loans, Wells Fargo and the Consumer Financial Protection Bureau reached a $3.7 billion settlement. Some of the misbehavior occurred as recently as this year. The CFPB announced in a statement that the business was compelled to pay an unprecedented $1.7 billion civil penalty as well as more than $2 billion to customers with 16 million accounts. Many of the "necessary activities" connected to the settlement, according to the San Francisco-based bank, have already been finished, it was stated in a separate statement. In its statement, the government stated that the bank's illegal actions caused its customers to suffer financial losses totaling billions of dollars and, for many of them, the loss of their homes and vehicles. Consumers' auto and mortgage loan fees and interest rates were improperly assessed, their vehicles were wrongfully repossessed, and the bank misapplied its customers' payments to their loans. Th...

Can You Explain The Difference Between A Bid And An Offer, Also Known As A Spread?

The spread in trading is the difference between the offer and bid prices for an asset. Because the spread determines the relative value of the two derivatives, it plays a crucial role in CFD trading. Brokers, market makers, and other service providers frequently use spreads as a means of displaying their prices. This implies that the cost of acquiring an asset will always exceed that of the underlying market by a small margin. While the asking price to sell at will always be below the asking price. In finance, a spread is the difference between two prices or rates and can refer to a number of different things. Option spreads, for instance, are a type of trading strategy. This is achieved by purchasing and selling the same number of options at varying strike prices and time periods. Bid-Ask Disparity The spread added to the price of an asset is also known as the bid-offer spread, the bid-ask spread, and other names. How much more or less people are willing to pay for an asset is reflect...

Search This Blog