Social Media Giant Snap Lays off 20% of Staff, Terminates Web3 Team
Social media giant Snap announced 20% layoffs this week, leading the Web3 team to become a casualty of that move.
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Camera app monetisation and AR hardware.
Q2 FY2026 · period ended · filed
Snap is a technology company best known for its marquis social media application, Snapchat, a visual messaging application that has amassed hundreds of millions of users. The app was initially only used to communicate with family and friends through photographs and short videos (known as "Snaps"). Users can now enjoy augmented reality, or AR, lenses, content from famous creators and celebrities, updates about local events, and more. Although the app offers a paid subscription option with premium features, advertising sales produce most of the app's revenue. The firm also sells wearable devices called AR Spectacles, which can capture photos and videos overlayed with AR lenses, but these make up a small portion of Snap's overall sales.
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Social media giant Snap announced 20% layoffs this week, leading the Web3 team to become a casualty of that move.
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Snap (SNAP) last closed at $5.70 on September 3, 2026. Quotes are delayed at least 15 minutes.
Over the past 52 weeks SNAP has traded between $3.81 and $9.28.
Snap has a market capitalisation of about $9.64 billion.
SNAP trades on NYSE, in the Services-Computer Programming, Data Processing, Etc. industry.
Snap reported revenue of $1.6 billion for Q2 FY2026, with a net loss of $163.96 million.
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