In a letter to staff posted on Snap Inc.'s website, CEO Evan Spiegel said sales were not keeping up with earlier projections.
"Unfortunately, given our current lower rate of revenue growth, it has become clear that we must reduce our cost structure to avoid incurring significant ongoing losses," Spiegel wrote.
Spiegel said Snap was restructuring its business to focus on community growth, revenue growth, and augmented reality. Anything that doesn't contribute to those three areas "will be discontinued or receive substantially reduced investment," Spiegel said.
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