Snap conducts a small round of layoffs to its product team

Published

2 years ago

November 8, 2023

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Co-founder and CEO of Snap Inc. Evan Spiegel holds up a Pixy drone while speaking during the Viva Technology conference dedicated to innovation and startups, at the Porte de Versailles exhibition center in Paris, France June 17, 2022.

Benoit Tessier | Reuters

Snap has conducted a round of layoffs as part of a reorganization intended to streamline the social-messaging company.

Nearly 20 employees who held product management titles were laid off, Snap said in a statement on Wednesday. The layoffs were not centered on any specific product and were part of the company’s plans to increase decision-making speed and reduce overhead, the company said.

Technology news publication The Information reported on the layoffs earlier on Wednesday.

The layoffs come after Snap recently reported third-quarter earnings in which its overall sales grew 5% year-over-year to $1.19 billion, beating analyst expectations.

But Snap, like its larger rival Meta, also warned investors that it has observed some recent pauses in advertising due to the current crisis in the Middle East. As a result, Snap said it would not provide official guidance “due to the unpredictable nature of war.”

Meta widened its guidance range due to the Israel-Hamas war, with the company’s chief financial officer Susan Li telling analysts that it “observed softer ads in the beginning of the fourth quarter, correlating with the start of the conflict.”

Last summer, Snap said it would lay off 20% of its workforce that was, at the time, comprised of over 6,000 employees.

Snap said it currently has roughly 5,000 employees.

Watch: Sen. Blumenthal and Sen. Blackburn discuss the bipartisan child social media safety bill

Technology

3 takeaways from Intel earnings: Cash flow, foundry progress and hardware surprise

Published

5 hours ago

October 24, 2025

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3 takeaways from Intel earnings: Cash flow, foundry progress and hardware surprise

Wall Street remains skeptical on Intel despite its return to profitability

Intel snapped a losing streak of six straight quarterly losses and returned to profitability in the third quarter.

In its first earnings report since the Trump administration acquired a 10% stake in the company, the U.S. chipmaker posted strong revenue, noting robust demand for chips that it expects to continue into 2026.

Client computing revenue, which includes chips for PCs and laptops, grew 5% year over year, benefiting from PC market stabilization and artificial intelligence PC prospects.

CEO Lip-Bu Tan said in a call with analysts Thursday that artificial intelligence “is a strong foundation for sustainable long-term growth as we execute.”

The chip strength and demand were bright spots, but there were areas of concern as well, with the company’s foundry business still needing a big break.

Here are three takeaways from the chipmaker’s Q3 report:

Cash flow

“We significantly improved our cash position and liquidity in Q3, a key focus for me since becoming CEO in March,” Tan said on a call with analysts Thursday.

Intel landed an $8.9 billion investment from the U.S. government in August, along with $2 billion from Softbank, but has not yet received the $5 billion tied to a deal with Nvidia. The company expects that deal to close by the end of Q4.

With all of those transactions completed, plus the Altera sale, Intel will have $35 billion in cash on hand, CFO David Zinser told CNBC.

The U.S. government is the company’s biggest shareholder, and Intel stock is up more than 50% since Aug. 22, when Commerce Secretary Howard Lutnick announced the deal.

“Like any shareholder, we have to keep in touch with them,” Zinser said of the U.S. stake. “We don’t tell them how the numbers are going before the quarter. We generally talk to them like Fidelity,” another Intel shareholder.

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Intel 3-month stock chart.

Foundry

The firm’s foundry remains a work in progress.

Revenue fell 2% over the year before, and it has yet to land a major customer.

Intel now has two fabs running 18A nodes, which are designed for AI and high-performance computing applications.

“We are making steady progress on Intel 18A,” Tan said of its latest chip technology. “We are on track to bring Panther Lake to market this year.”

Zinser said the more advanced 14A nodes won’t be put in supply until the company has “real firm demand.”

Old stuff still selling

Zinser said the company’s older chipmaking processes, or nodes, have continued to do well, “and that was probably the part that was more unexpected.”

Zinser said the chipmaker met some of the central processing unit (CPU) demand with inventory on hand, but they will be behind in Q1, “probably Q2 and maybe in Q3.”

The supply crunch has been with older Intel 10 and 7 manufacturing technologies.

Many customers are opting for less advanced hardware to refresh their operating systems, demonstrating enterprises aren’t waiting for cutting-edge chips when proven technology gets the job done.