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Social and video giant Snap (SNAP, $10.88) is laying off around 20% of its more than 6,400 employees and cancelling its original shows, in-app games, and several other projects as part of a corporate restructuring. The layoffs will see more than 1,200 employees cut, with the company expecting to save about $500 million.
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In a memo sent around the company, CEO Evan Spiegal explained that as a result of slower growth Snap was restructuring with a focus on what he called the company's three strategic priorities of growing its community, growing revenue, and augmented reality. Spiegel said the company’s revenue growth had reaccelerated to 8% from being flat in late July.
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The company’s Snap Originals content push will be scrapped, and instead content from creators and partners will be prioritized. Also being done away with, is its in-app games and HTML miniature applications built by outside developers. The company’s self-flying camera drone, Pixy, is being canned after debuting in only April.