(Finance) – Snapsocial media company Snap, which also owns Snapchat, announced that it will lay off 10% of its global workforce, or about 529 employees, citing a soft advertising market that is limiting its investments.
By August 2022, Snap had laid off 20% of its staff and restructured its business lines. In November 2023, however, it had cut 3% of its employees.
The title Snap suffers a decline of 4.05%.
The trendline of the stock on a weekly basis moves in parallel with that of theS&P-500highlighting the fact that the movement of Snap suffers the pressure of the market to which it refers, rather than of events linked to the security itself.
The short-term technical framework of Snap shows an upward acceleration of the curve with a target identified at 17.14 USD. Risk of falling to 15.94 which will not jeopardize the good health of the current trend but which represents a temporary correction. Expectations are for an extension of the bullish trendline towards 18.33.