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Snap Feels the Pain of a Disrupted Digital Ad Market

Snap Inc. plans to lay off about 20% of its 6,400-strong workforce, according to the company.

In May, CEO Evan Spiegel said the social media giant would slow hiring, and warned revenue growth would continue to stall. At the time, Spiegel blamed the app’s downturn on everything from the conflict in Ukraine to inflation and supply chain shortages.

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