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

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...

As sanctions continue, Russia will start on CBDC in Q1.

This quarter, the central bank will study two CBDC settlement models. Russia's central bank is reportedly developing a cross-border settlement system using a CBDC amid ongoing sanctions over its invasion of Ukraine. According to Kommersant, Russia's central bank will study two possible cross-border settlement models in the first quarter of 2023. First, countries enter bilateral agreements with Russia to integrate their CBDC systems. Each agreement would ensure asset conversion and transfer follow the rules. The second model proposes a hub-like platform for Russia to interact with other countries, sharing common protocols and standards to facilitate payments. Roman Prokhorov, head of the AFI, said the first model was easier to implement but less promising for bilateral interactions between countries. The other option was more "advanced," and he considered a two-way system with China as the most likely partner given its "technological and political readiness."...

Nurturing Financial Prosperity: 10 Proven Paths to Amplify Your Savings

In a world marked by financial uncertainties, the importance of saving money remains undeniable. Whether your aim is financial security, a major purchase, or preparing for retirement, saving constitutes the cornerstone of a secure financial future. This comprehensive guide is designed to equip you with ten expert-endorsed strategies that transcend the ordinary. These methods will not only assist you in saving but also supercharge your savings potential, providing you with an advantage in managing your finances and progressing towards your financial aspirations. Develop a Robust Budgeting Plan Implementing an Effective Budget Enhancing financial management begins with establishing a solid budgeting plan. Initiate the process by evaluating your monthly income and expenses. Utilize a budgeting app or spreadsheet to meticulously track every dollar you earn and spend. This thorough budgeting approach will empower you to pinpoint areas where cost-cutting is possible, enabling you to allocate...

Search This Blog