Snap Inc. said on Tuesday its two senior advertising executives have exited the company, hours after a report disclosed the Snapchat parent was planning to cut about 20% of its workforce.
The executives Jeremi Gorman, chief business officer, and
Peter Naylor, vice president of ad sales for the Americas, will join Netflix
Inc (NFLX.O), the streaming major said.
Snap shares fell 4% in extended trading as Wall Street turns
wary of the future of its advertising business, which brings in a large chunk
of its revenue.
The Verge earlier in the day reported Snap's hardware
division, responsible for Spectacles and the Pixy camera drone, its team
working to help developers build mini apps and games inside Snapchat and social
mapping app Zenly, will be hit by the lay-offs. (https://bit.ly/3CDfrIu)
The social media firm declined to comment on the report.
Technology companies, crypto exchanges and financial firms
have cut jobs and slowed hiring as global economic growth weakens due to higher
interest rates, red-hot inflation and an energy crisis in Europe.
Last month, Snap said some advertisers continue to face
supply-chain disruptions and labor shortages, and many others are contending
with rising costs amid record inflation, which have led to cutbacks in spending
on advertising. read more
The company's shares have lost nearly 39% since it posted
results on July 21, contributing to an 80% decline this year.
Gorman will join Netflix as president of worldwide sales,
while Naylor will be vice president of advertising sales starting September,
Netflix said in a statement.
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