Tag: Netflix

As the social media industry battles a decline in advertising, the company behind Snapchat is slashing funding in projects like augmented reality glasses and laying off roughly 1,300 employees. The current quarterly revenue growth of 8%, according to Snap’s CEO, was “far below” projections, and the company’s planning makes the assumption that the sluggish advertising market will persist into the following year. “Unfortunately, given our current lower rate of revenue growth, it has become clear that we must reduce our cost structure to avoid incurring significant...