{"id":490147,"date":"2022-09-02T22:45:00","date_gmt":"2022-09-02T19:45:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/snapchats-parent-company-shutters-web3-division-amid-layoffs\/"},"modified":"2022-09-02T22:45:00","modified_gmt":"2022-09-02T19:45:00","slug":"snapchats-parent-company-shutters-web3-division-amid-layoffs","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/snapchats-parent-company-shutters-web3-division-amid-layoffs\/","title":{"rendered":"# Snapchat\u2019s parent company shutters Web3 division amid layoffs"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3364f6169dc\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3364f6169dc\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/snapchats-parent-company-shutters-web3-division-amid-layoffs\/#%E2%80%9D_Snapchats_parent_company_shutters_Web3_division_amid_layoffs_%E2%80%9C\" >&#8221; Snapchat\u2019s parent company shutters Web3 division amid layoffs &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Snapchats_parent_company_shutters_Web3_division_amid_layoffs_%E2%80%9C\"><\/span>&#8221; Snapchat\u2019s parent company shutters Web3 division amid layoffs &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDkvZjBkNWY5YzUtOWJhMC00N2RlLTgwMjQtMmNkMjgzY2ZiMTg3LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-3511d6da>Snap Inc&#8217;s CEO Evan Speigel <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/newsroom.snap.com\/restructuring-and-refocusing-our-business\">announced<\/a> in a note\u00a0on Friday that the company had made the difficult decision to reduce the size of its workforce by <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roximately 20%.\u00a0<\/p>\n<p>The note said that this round of layoffs comes after the company experienced slow revenue growth, a slump in stock prices, and a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> lag behind its financial targets. Speigel shared:<\/p>\n<blockquote><p>\u201cOur forward-looking revenue visibility remains limited, and our current year-over-year QTD revenue growth of 8% is well below what we were expecting earlier this year.\u201d <\/p><\/blockquote>\n<p>Snap Inc. will now undertake the task of restructuring in an attempt to ensure the company\u2019s success in a highly competitive space where Instagram and TikTok are currently dominating.\u00a0As part of its restructuring process, the company has axed its entire Web3 team. Jake Sheinman, head of Snap\u2019s Web3 team, announced his exit from the company on Wednesday in a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of posts on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> stating:<\/p>\n<blockquote><p>\u201cAs a result of the company restructure, decisions were made to sunset our web 3 team.&#8221;<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I&#8217;m humbled to have partnered with the smartest builders, most creative artists, and kindest humans. Today was tough and I&#8217;ll miss this place dearly but I&#8217;m grateful for all of it. Will be taking some personal time in the coming weeks but open to discuss new opportunities <\/p>\n<p>2\/2<\/p>\n<p>\u2014 Jake Sheinman (@jakeryanshein) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/jakeryanshein\/status\/1565093703902846976?ref_src=twsrc%5Etfw\">August 31, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>CEO Speigel shared that the restructuring is a part of an effort to focus on three strategic priorities; namely, community growth, revenue growth and augmented reality (AR). Projects that are not in alignment with these areas will be discontinued or have their budgets slashed significantly. <\/p>\n<p>At the moment, it appears that Snap will not be prioritizing the budding Web3 and Metaverse space as much as its competition, such as Meta.\u00a0Although many tech innovators seem to share the opinion that Web3 is going to be the next iteration of the internet, Snap does not appear interested in positioning itself within the blockchain industry.<\/p>\n<p>Snap\u2019s layoffs come after other tech companies like Coinbase, LinkedIn, Meta, Apple, Google and Netflix have had to cut down their workforce due to rising interest rates in an inflationary economy. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/snapchat-s-parent-company-shutters-web3-division-amid-layoffs\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Snapchat\u2019s parent company shutters Web3 division amid layoffs &#8220; Snap Inc&#8217;s CEO Evan Speigel announced in a note\u00a0on Friday that the company had made the difficult decision to reduce the size of its workforce by approximately 20%.\u00a0 The note said that this round of layoffs comes after the company experienced slow revenue growth, a&#8230;<\/p>\n","protected":false},"author":1,"featured_media":490148,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDkvZjBkNWY5YzUtOWJhMC00N2RlLTgwMjQtMmNkMjgzY2ZiMTg3LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,93542,74355,117,71741,70759,4965],"class_list":["post-490147","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-web3","tag-adoption","tag-business","tag-snapchat","tag-tech","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/490147","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=490147"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/490147\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/490148"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=490147"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=490147"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=490147"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}