Evan Spiegel

Snap Inc. SNAP 3.68% is sunsetting future development of its Pixy flying selfie camera less than four months after launching the product publicly, according to people familiar with the matter, becoming the latest technology company to adjust product plans during the economic downturn. Snap Chief Executive Evan Spiegel recently told staff during a regular question-and-answer session of the decision around…

Snap Inc is in early stages of planning layoffs, the Verge reported on Monday, citing people familiar with the plans. The scope of the job cuts is currently unclear as managers are still planning it for their teams, the report said, adding that the Snapchat-owner has more than 6,000 employees. Snap declined to comment when contacted by Reuters. The development comes as technology companies, crypto exchanges and financial firms cut jobs and slow hiring as global economic growth slows due to higher interest rates, red-hot…

Snap is in early stages of planning layoffs, the Verge reported on Monday, citing people familiar with the plans.The scope of the job cuts is currently unclear as managers are still planning it for their teams, the report said, adding that the Snapchat-owner has more than 6,000 employees.Snap declined to comment when contacted by Reuters.The development comes as technology companies, crypto exchanges, and financial firms cut jobs and slow hiring as global economic growth slows due to higher interest rates, red-hot…

Photo: skipper_sr (Shutterstock)Beyond the battle between employees and their bosses over hybrid or remote work, there could soon be a new axis to add to this strange paradigm: workers being forced to clamp a VR headset to their cranium to pretend to be close to coworkers in a virtual office. Even though the metaverse does not yet truly exist, employers already seem much more taken by virtual office settings than their workers are.A new survey released Thursday by ExpressVPN took the thoughts of 1,500 staff and 1,500…

Snap Inc. SNAP 5.42% posted its weakest-ever quarterly sales growth as a public company, highlighting the extent of the upheaval the digital-advertising market is suffering from economic turmoil and other factors. The parent company of popular photo-sharing social-media app Snapchat on Thursday said that revenue for the April through June period was $1.11 billion, narrowly missing scaled-back Wall Street expectations, according to…

Photo: Justin Sullivan (Getty Images)Another day, another antitrust investigation into a tech giant. This time, it’s Apple: Germany’s competition watchdog on Tuesday announced a new probe into Apple’s slate of anti-tracking tech that the company rolled out last year. The Bundeskartellamt’s investigation is primarily focused on Apple’s App Tracking Transparency Framework (or ATT, for short). For those unfamiliar, ATT is the set of rules that Apple rolled out as part of iOS 14 that require third-party app developers to ask…

In Meta’s Horizon Worlds, a player’s avatar is force-fed a bottle of “vodka.” Report writers noted that it taking place virtually did not make it feel any less invasive.Screenshot: SumOfUs VideoIt took less than an hour for one researcher studying Meta’s titular metaverse to be “virtually raped” after putting on the VR headset for the first time. After days of witnessing and experiencing rampant conspiracy theories, sexual harassment, racism, and homophobia, writers of a recent report said the tech giant is entirely…

Evan Spiegel, CEO and co-founder of Snap Inc.Adam Galica | CNBCSocial media companies were already having a rough year from the cutback in digital ad spending caused by rising inflation, supply chain challenges and the war in Ukraine. Forecasts for the second quarter called for meager growth at best, and stock prices were getting hammered.That was all before Snap CEO Evan Spiegel warned late Monday of an environment that's worsened since his company reported quarterly results in April, when guidance was already…

Snap surprise disclosure that its second-quarter revenue and profit will be lower than expected sent its shares plunging and sparked debate over whether the social-media company’s woes signal a broader slowdown in the online-ad market.During a presentation at an investment conference, Snap Chief Executive Evan Spiegelsaid “the macroeconomic environment has definitely deteriorated further and faster than we expected.” In a filing, Snap said it would miss the low end of its target for 20% to 25% year-over-year revenue…

Snap shares plunged 30% in extended trading on Monday after CEO Evan Spiegel warned in a note to employees that the company will miss its own targets for revenue and adjusted earnings in the current quarter.The social media company will also slow hiring through the end of the year as it looks to manage expenses, Spiegel wrote. Part of the letter was filed with the Securities and Exchange Commission."Today we filed an 8-K, sharing that the macro environment has deteriorated further and faster than we anticipated when we…